Itron posts record sales for quarter
Company says biggest gains from North America
Liberty Lake tech company Itron Inc. on Wednesday reported record quarterly revenue of $576 million and earnings of $29.1 million during its third quarter.
Earnings for the quarter compare with a loss of $2.9 million in the third quarter of 2009.
Third-quarter sales grew 41 percent from the $408 million from the third quarter of 2009. Nine-month sales were $1.6 billion, compared to $1.2 billion from the nine months the year before.
The biggest gains in sales came from North America, said company President and CEO Malcolm Unsworth.
Those were $315 million for the third quarter and $862 million for the first nine months of this year, compared with $137 million and $420 million respectively for the same periods one year ago.
Unsworth said the increase in overall sales comes largely from shipments of smart meters and modules.
Itron also reported a 12-month backlog of $958 million in sales and total backlog of $1.7 billion, compared to $749 million and $1.6 billion from the comparable periods of 2009.