AP NEWS

Spokane Valley-based Itron says expectations exceeded despite first-quarter loss

May 7, 2019

Itron Inc. reported a net loss in the first quarter , but the company indicated results exceeded its expectations.

The Liberty Lake-based company on Monday announced a net loss of $1.9 million in the first quarter – or 5 cents per share – compared with a $146 million net loss – or $3.74 per share – in the first quarter of 2018.

The company generated $615 million in revenue in the first quarter, compared with $607 million in the first quarter of 2018.

“We are pleased with first quarter results, which were driven by improved operating performance and higher-margin software revenue associated with customer projects,” Philip Mezey, Itron’s president and chief executive officer, said in a statement. “We are seeing benefits from our operational initiatives, including the realigned business segments, which are executing and performing well. In addition, ongoing transformation and integration initiatives are contributing to improved results.”

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