Itron Inc. has reported a first-quarter earnings increase.

The Liberty Lake-based utility-tech company posted net income of about $65.4 million, or $1.42 per diluted share, a roughly $14 million increase over the same quarter last year, when Itron reported earnings of about $51.8 million, or $1.12 per share.

“The increase was driven by higher GAAP (generally accepted accounting principles) operating income and interest income, partially offset by higher tax expense,” an Itron press release states.

Total revenues reached $607 million, up 1% from the year-earlier quarter.

"First-quarter margin expansion and earnings growth were ahead of expectations due to favorable product mix and continued strong execution," says Tom Deitrich, Itron’s president and CEO, in the release. “Customer demand remained steady during the first quarter, driven by grid efficiency, automation, and agile infrastructure solutions.”

Looking ahead to the second quarter, revenue is expected to remain steady between $605 million and $615 million.

Itron (Nasdaq: ITRI) stock traded at $108.05 per share at the close of the market on May 1. That's up from its 52-week low of $90.11 per share and down from a 52-week high of $124.90 per share.