Itron Inc. has announced earnings increases for fourth-quarter and full-year 2024.

The Liberty Lake-based utility-tech company posted fourth-quarter net income of $58.6 million, or $1.26 per diluted share, compared with fourth-quarter 2023 net income of $44.9 million, or $0.96 per share.

The increase was driven by higher operating income and interest income, partially offset by higher tax expenses, according to an Itron press release.

For all of 2024, Itron reported net income of $241.1 million, or $5.18 per share, up from $98.3 million, or $2.11 per share, in 2023.

Total revenue also rose in 2024, with the company reporting fourth-quarter revenue of $612.9 million and full-year revenue of $2.4 billion, increases of about 6% and 12%, respectively, from the year prior.

The fourth-quarter revenue increase was created by strong customer demand and operational performance, the release states.

“Our customers continue to accelerate the adoption of our grid edge intelligence platform,” Tom Deitrich, Itron president and CEO, says in the release. “During the quarter, we set new company records, including outcomes segment revenue, quarterly bookings, and total backlog of $4.7 billion.”

Revenue is expected to remain relatively steady in 2025 compared with fourth-quarter and full-year figures. The company projects first-quarter revenue between $610 million and $620 million and full-year  revenue between $2.4 billion and $2.5 billion.

“Looking ahead, Itron’s customers face a diverse set of challenges related to the management of energy and water resources, which has created a substantial pipeline of opportunities for the company,” Deitrich says.