Itron Inc., of Liberty Lake, reported this morning third-quarter net income of $35.3 million, or 89 cents a diluted share, up from a net loss of $517.1 million, or $12.70 a share, in the year-earlier quarter.
Despite the improved earnings, the company's revenue dropped to $504 million in the third quarter from $616 million in the year-earlier period.
Itron President and CEO LeRoy Nosbaum said in a press release that the drop in revenue was expected due to the completion of several large projects in North America.
Nosbaum added, "Base business revenues were flat year-over-year as we saw some softening in the U.S. market."
The large losses during the third quarter of 2011 were attributed in part to a jump in operating expenses after the company replaced customers' equipment that had faulty components manufactured by a third party. In response, the company laid off 750 full-time employees, or about 7.5 percent of its global workforce, and closed several manufacturing facilities.
Separately, Itron said today that the Los Angeles Department of Water and Power has selected Itron and Cisco Technologies for a smart-grid demonstration project. As part of the project, the city's water and power department, which Itron says is largest municipal utility in the U.S., plans to install up to 52,000 Itron smart-electric meters and 20 smart-water modules. Installation is scheduled to be completed by fall 2013.