Itron reports drop in third-quarter earnings

Itron Inc. reported a drop in net income for the third quarter, citing higher expenses and changes in foreign currency exchange rates for the decline.

The Liberty Lake-based company reported net income of $17 million, or 42 cents per share, for the third quarter, compared to net income of $20 million, or 50 cents per share, in the third quarter 2018.

The company’s third-quarter revenue increased 5% to $624 million, compared to $596 million in the third quarter 2018.

“We had solid performance in the third quarter,” Tom Deitrich, Itron’s president and CEO, said in a statement. “These results were primarily driven by strong demand in our networked solutions segment. We continue to see a healthy pipeline of customer activity.”