Itron Q4 Profit Down

(RTTNews) - Itron Inc. (ITRI) Monday reported fourth-quarter net income of $14.6 million or $0.36 per share, down from $23.9 million or $0.60 per share last year.

Adjusted earnings dropped to $29 million or $0.72 per share from $35 million or $0.88 per share.

Total revenue for the fourth quarter rose 7% to $628.4 million from $587.0 million last year, driven by growth in the Networked Solutions segment.

By segment, Networked Solutions revenue increased 21% driven by continued strong North America deployments. Outcomes revenue decreased 1%, and Device Solutions revenue decreased 9%.

Analysts polled by Thomson Reuters estimated earnings $0.53 per share on revenues of $598.83 million for the quarter.

Looking forward to full year 2020, the company expects revenue of $2.475 to $2.575 billion and adjusted earnings of $3.35 to $3.85 per share. Analysts currently estimate earnings of $3.60 per share on revenues of $2.55 billion for the quarter.