Itron Inc., (NASDAQ:ITRI) which makes meter reading equipment for utilities, released Q407 net results that were down 45%, as acquisition-related expenses overreached a massive revenue increase.
The company netted $4 million for Q$07 compared with $7.3 million in Q406.
Exclude one-time items associated with acquiring Actaris Metering Systems, Itron earned $26.5 million, or 81 cents per share, versus $12.5 million, or 48 cents per share, in Q406.
Itron bought Actaris Metering Systems last year for more than $1 billion.
Q4 revenue surged to $480.5 million, from $160 million in the prior-year period.
For the full-year, the company posted a loss of $16.1 million, or 55 cents per share, compared with a 2006 profit of $33.8 million, or $1.28 per share. However, revenue jumped to $1.46 billion, from $644 million a year earlier.
About Itron
Itron is a technology provider to the global energy and water industries. Itron operates in two divisions; as Itron in North America and as Actaris outside of North America. The company says it is the world’s leading provider of metering, data collection and software solutions, with nearly 8,000 utilities worldwide relying on its technology to optimize the delivery and use of energy and water. Itron delivers industry leading solutions for electricity, gas and water utilities by offering meters; data collection and communication systems, including automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and utility software applications; as well as comprehensive project management, installation and consulting services.
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