Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Cloudy 49° Cloudy
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)
From staff reports

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.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.