Itron reports improved 4Q earnings, loss for 2018

Itron Inc. reported improved net income of $24 million during the fourth quarter, which the company attributed to favorable tax benefits.

The Liberty Lake company’s earnings results, reported Wednesday, amounted to 60 cents per share. They compared to net income of $2 million, or 5 cents per share, for the fourth quarter of 2017.

For the full year, Itron reported a loss of $99 million, or $2.53 per share, compared to 2017 earnings of $57.3 million, or $1.48 per share.

Itron completed the $830 million purchase of competitor Silver Spring Networks, of San Jose, California, last year.

In November, the company lowered its 2018 earning expectations, citing an industry-wide backlog for electronic components.

Itron helps customers in more than 100 countries measure and control their water and energy use. The company sells software and communication systems and provides management and consulting services.

Itron anticipates revenue in the $2.35 billion to $2.45 billion range this year, official said.