Itron reports lower 2Q earnings

Itron Inc. reported lower second quarter income on Monday, partly because of costs associated with the purchase of competitor Silver Springs Network, officials said.

Liberty Lake-based Itron reported net income of $3 million, or 7 cents per share, on revenue of $586 million. The results compared to 2017 second quarter income of $14 million, or 36 cents per share, on revenue of $503 million.

The current results included $10 million in interest expense related to acquisition financing. Itron finalized the $830 million purchase of Silver Springs Networks in early January.

The integration of the two companies is going well, said Philip Mezey, Itron’s president and CEO, in a news release. He increased projections for Itron’s 2018 revene to the $2.425 billion to $2.475 billion range.