Greentech Lead America: Smart metering solutions provider Itron has reported revenues of $523 million and $2.2 billion for the quarter and full year respectively against $642 million and $2.4 billion in the same periods in 2011.
Changes in foreign currency exchange rates unfavorably impacted revenue by $9 million for the quarter and $92 million for the year. Excluding the impact from foreign currency, revenues for the quarter and year decreased $110 million and $164 million compared with the same periods in 2011.
Higher revenue in the Water segment was offset by lower revenue in the Energy segment due to the completion of several OpenWay projects in North America. Itron Cellular Solutions, which was acquired in May 2012, added $10 million and $22 million in revenue in the fourth quarter and full year 2012, respectively.
“Our fourth quarter results reflect transition in Itron’s business as we successfully complete more than $1.5 billion of OpenWay projects in North America and begin new electricity, gas and water smart system pilots and deployments around the world,” said Philip Mezey, Itron’s president and chief executive officer.
“While total revenues declined in the quarter compared to last year, our base business revenues excluding these large OpenWay contracts grew six percent,” Mezey added. “Non-GAAP earnings for the quarter were impacted by higher product development, sales and marketing expenses as we prepare for new projects developing in nearly every major geographic region.”
In 2013, the company plans to invest in new solutions to help customers build the smart cities of the next decade, Mezey added.