Itron's second quarter was shaped by resilient performance in its core Outcomes and Networked Solutions segments, as the company achieved flat year-over-year sales and expanded margins despite a challenging macroeconomic environment. Management attributed the quarter's results to continued adoption of its Grid Edge Intelligence platform and growth in recurring software revenue, alongside operational discipline that drove record gross margin and free cash flow. However, CEO Tom Deitrich noted that ongoing trade policy uncertainty and customer budget constraints led to slower project deployments and more deliberate decision-making among utility clients, stating, "customers and regulators face a more complex environment, leading to slower project deployments and delayed decisions in certain areas."

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.