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[May 08, 2013]
Itron Q1 net income decreases
May 08, 2013 (Datamonitor via COMTEX) -- Itron Inc., a provider of solutions for collecting, communicating, and analyzing electric, gas, and water usage data, has reported net income attributable to company of $2.57 million, or $0.06 per diluted share, for the first quarter ended March 31, 2013, compared to $25.35 million, or $0.63 per diluted share, for the first quarter ended March 31, 2012.
Revenues for the first quarter ended March 31, 2013 were $447.54 million, compared to $571.64 million for the first quarter ended March 31, 2012.
Gross profit for the first quarter ended March 31, 2013 was $140.12 million, compared to $183.10 million for the first quarter ended March 31, 2012.
Operating income for the first quarter ended March 31, 2013 was $2.35 million, compared to $39.62 million for the first quarter ended March 31, 2012.
Philip Mezey, Itron's president and CEO, said: "First quarter revenues were down compared to last year, as expected. Core electricity and water revenues increased, offset by the successful completion of several large OpenWay deployments in North America in 2012.
"Overall, lower volumes pressured our gross margin in the quarter while sales, marketing, and general and administrative expenses declined compared with last year. As Itron invests in innovation for the long-term to support smart metering projects around the world, our near-term focus is to improve operating performance through efficiencies. I remain confident about our industry's future growth prospects and confident in Itron's ability to lead the transformation to smarter grids and smarter cities."
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