Itron reports $57 million in income, anticipates revenue growth for 2018

Liberty Lake-based Itron Inc. reported $57.3 million in income last year, despite a $30 million charge associated with federal tax reform.

Itron’s earnings, reported Wednesday, amounted to $1.45 per share on revenue of $2 billion. For 2016, the company reported $31.8 million in income, or 83 cents per share, on sales of $2 billion.

President and CEO Philip Mezey told analysts the company is on a growth path. He’s projecting 2018 revenue in the range of $2.33 billion to $2.43 billion.

Itron completed the $830 million purchase of competitor Silver Spring Networks, of San Jose, California, in early January. Silver Spring Networks works globally in the smart utility and smart city sectors and will operate as a new Itron Networks segment.

Company officials also launched a restructuring plan in February, which they expect to be complete by the end of 2020. The effort focuses on efficiencies in the supply chain, manufacturing operations, product development and sales and marketing.

“Many of our employees are represented by unions or work councils, which requires consultation, and potential restructuring projects may be subject to regulatory approval,” company officials said in a news release.

Itron expects to take pretax charges of $100 million to $110 million on the restructuring effort, most of which will be accrued in the first quarter of this year. Company officials said the plan will result in $45 million to $50 million of annual savings when it is complete.

Itron helps customers in more than 100 countries measure and control their water and energy use, officials said. The company sells software and communication systems and provides management and consulting services.