January 31, 1995 in Nation/World

Itron’s 1994 Earnings Hit Record Pace

By The Spokesman-Review
 

Itron Inc. Monday reported record earnings for 1994 and the fourth quarter.

The Spokane maker of automated meter-reading equipment for the utilities industry said revenues for the quarter ended Dec. 31 reached $34.9 million, a 43 percent increase from the 1993 period.

Net income jumped 44 percent to $2.8 million, or 23 cents per share.

For the year, revenues were $120.7 million, a 36 percent improvement on 1993. Net income vaulted 87 percent to $8 million, or 67 cents per share.

President Johnny Humphreys said revenue increases covered both major Itron product lines, its services business and international sales.

“Automatic meter reading revenues for the year were $59 million, up 51 percent from 1993,” he said. “Meanwhile, we experienced unusual strength in our more mature handheld systems business, where revenues for the year were $39.9 million, up 32 percent.”

Humphreys said foreign sales added $16.9 million in revenues, up 85 percent, and servicing another $21.7 million, up 13 percent.

Inventory levels indicate the company’s strong performance should continue.

The backlog for orders to be shipped in the next 12 months stood at $72.9 million, compared with $41 million a year ago.

For shipment beyond 12 months, the backlog was $63.9 million, compared with $60 million a year ago.

Itron employs 450 at its Spokane Valley headquarters, and 750 overall.

Itron stock closed Monday at $21.13, up $1.38.

Get stories like this in a free daily email


Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus