Itron Inc., the Liberty Lake-based maker of meter reading technology, reported this afternoon a third-quarter net loss of $7.3 million, or 19 cents a diluted share, compared with net income of $35.3 million, or 89 cents a share, in the year-earlier period.
The company said in a press release that operating expenses during the third quarter increased to $156.6 million from $125.8 million in the year-earlier quarter. Restructuring expenses related to the company's decision last month to cut 750 jobs companywide and increase efficiencies contributed to the increase in expenses, the company said.
Revenues for the quarter declined to $495.5 million from $504.1 million in the year-earlier period. The company attributed that decline to lower energy segment revenues due to completion of a number of projects. Unfavorable foreign-currency exchange rates also contributed to the decrease in revenue. Increased revenues from the company's water segment, however, offset some of those losses.
During the quarter, Itron repurchased 174,200 of its common shares at an average price of $42.71 per share, for a total of $7.4 million in shares. As of Sept. 30, the company had repurchased $23.6 million since announcing in March plans to buy back $50 million in stock.