Itron Inc., the Liberty Lake-based maker of meter reading technology, reported today a fourth-quarter net loss of $154.4 million, or $3.93 a diluted share, compared with net income of $16 million, or 40 cents a share, in the year-earlier period.
For all of 2013, the company posted a net loss of $146.8 million, or $3.74 a share, compared with income of $108.3 million, or $2.71 a share, in 2012.
The latest quarterly results include a $173 million noncash goodwill-impairment charge.
The company’s fourth-quarter revenues rose slightly to $524 million, from $523 million in the year-earlier quarter. For the full year, the company’s sales dipped to $1.9 billion, from $2.2 billion in 2012.
For the quarter, the company said increased revenues in both the electricity and water segments were offset partially by a decrease in gas-segment sales. For the year, lower gas-segment and electricity-segment revenues—due in part to the completion of a number of projects—offset an increase in the water division’s sales.
Philip Mezey, Itron’s president and CEO, said in a press release, “While the fourth-quarter results were impacted by a goodwill-impairment change in our electricity segment and a discrete tax charge, the steps we have taken in 2013 position Itron to be more competitive in a tough economy and global marketplace.”