LIBERTY LAKE — 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 last week, 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, Calif., 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.
