Itron Earnings May Fall From First Quarter

Itron Inc. Thursday said earnings for the second and third quarters of this year may fall short of those for the first quarter.

Johnny Humphries, president of the Spokane maker of automated meter-reading equipment, said results will be tempered by increased product-development costs and lower prices.

Although Itron has added significantly to its customer base in the last year, he said, the company must make the decision to invest in meter-reading systems easier.

Itron had sales of $48.1 million in the first quarter of 1996, and net income of $3 million. Revenue in 1995 was $161.3 million.

The company Thursday disclosed a $30 million order from Baltimore Gas & Electric Co. that will double the meters to be installed in its service territory by the year 2001.

Itron’s announcement came after the close of trading on the Nasdaq over-the-counter market, where its shares finished the day at $50.25, up $1.25. , DataTimes