Itron Inc., the Liberty Lake-based maker of meter reading technology, reported today a fourth-quarter net loss of $154.4 million, or $3.93 a diluted share, compared with net income of $16 million, or 40 cents a share, in the year-earlier period.
For all of 2013, the company posted a net loss of $146.8 million, or $3.74 a share, compared with income of $108.3 million, or $2.71 a share, in 2012.
The latest quarterly results include a $173 million noncash goodwill-impairment charge.
The company’s fourth-quarter revenues rose slightly to $524 million, from $523 million in the year-earlier quarter. For the full year, the company’s sales dipped to $1.9 billion, from $2.2 billion in 2012.
For the quarter, the company said increased revenues in both the electricity and water segments were offset partially by a decrease in gas-segment sales. For the year, lower gas-segment and electricity-segment revenues—due in part to the completion of a number of projects—offset an increase in the water division’s sales.
Philip Mezey, Itron’s president and CEO, said in a press release, “While the fourth-quarter results were impacted by a goodwill-impairment change in our electricity segment and a discrete tax charge, the steps we have taken in 2013 position Itron to be more competitive in a tough economy and global marketplace.”
Your subscription will expire in less than 30 days. To ensure you do not lose access to any content, please renew your subscription now.
If you need help, please contact Jennifer Zurlini at [email protected], or (509) 344-1280.