Itron has earned revenues of $495.7 million in the fourth quarter of 2016 compared with $496.4 million in the fourth quarter of 2015.
Operating income improved to $30.8 million compared with operating income of $16.4 million in 2015. Non-GAAP operating income improved to $44.7 million compared with $25.9 million in 2015.
Net income for the quarter was $11.6 million, compared with net income of $9.0 million in 2015. Non-GAAP net income for the quarter was $26.4 million, compared with $17.4 million in 2015.
“Itron’s fourth quarter results reflect a strong finish to a year of significant improvement in financial and operational performance,” said Philip Mezey, Itron’s president and chief executive officer. “Highlights from the quarter include improved earnings and robust revenue growth in the Electricity segment driven by growth in smart solutions.”
He added that the board’s authorization of a new share repurchase program reflects confidence in Itron’s profitable growth initiatives, financial flexibility and long-term business outlook.
For the full year 2017, Itron expects revenue between $1.9 and $2.0 billion.