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