April 25, 2014 in Business

Earnings report: Itron Inc.

Stock symbol: ITRI
Reporting period: 1Q

Loss of $254,000

(1 cent per share)

Versus 1Q 2013:

Profit of $2.6 million

(6 cents per share)

Revenue: $475 million compared with $448 million in the same quarter of 2013.
Analysis: Total revenue grew by 6 percent, compared to one year ago, driven by higher sales to gas and water utilities. The GAAP net loss of $254,000, or 1 cent per share, compared with net income of $2.6 million, or 6 cents per diluted share. That net quarterly loss was driven by higher net interest, a loss related to devaluation of currencies in certain markets and an increased tax rate, the company said. GAAP operating expenses for the quarter were $132 million compared with $125 million in the prior year quarter. The increase was driven by higher general and administrative costs associated with professional fees, and legal and other reserves.

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