Earnings report: Itron Inc.
| Stock symbol: ITRI |
| Reporting period: 1Q |
| Earnings:
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. |