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Monday, December 17, 2018  Spokane, Washington  Est. May 19, 1883
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News >  Business

Itron reports revenue growth, costs associated with buying competitor

Itron in Liberty Lake is photographed on Wednesday, Nov. 29, 2017.Kathy Plonka/THE SPOKESMAN-REVIEW (Kathy Plonka / The Spokesman-Review)
Itron in Liberty Lake is photographed on Wednesday, Nov. 29, 2017.Kathy Plonka/THE SPOKESMAN-REVIEW (Kathy Plonka / The Spokesman-Review)

Itron Inc. lost $145.7 million during the first quarter, which company officials attributed to one-time acquisition and restructuring costs.

The results, released Monday, amounted to a loss of $3.74 per share for the Liberty Lake-based company, and compared to 2017 first-quarter net income of $15.8 million, or 40 cents per share.

Itron finalized the purchase of competitor Silver Springs Networks during the first quarter, which contributed to $63 million in acquisition and integration expenses.

Itron also spent $88 million during the quarter on a multiyear restructuring effort aimed at efficiencies in the supply chain, manufacturing, product development and sales and marketing.

The company’s total revenue grew by 27 percent to $607 million during the first quarter. The new Networks segment added $86 million in revenue during the quarter.

Itron helps customers in more than 100 countries measure and control their water and energy use, through software and communication systems, management and consulting services.


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