Itron has reported revenues of $524 million for the fourth quarter ended December 31, 2013. Full year revenue was $1.9 billion.
Quarterly and full year GAAP net loss per share was $3.93 and $3.74 respectively, inclusive of a $173 million non-cash goodwill impairment charge recorded during the quarter resulting in $4.12 per share impact, net of tax.
Excluding the impact from foreign currency, revenues for the quarter increased $3 million and decreased $215 million for the full year compared with the same periods in 2012.
For the quarter, increased revenues in both the Electricity and Water segments were partially offset by a decrease in the Gas segment revenues, the company said.
The decrease for the full year period was driven by lower Electricity segment revenues primarily related to the completion of several OpenWay smart meter projects in North America and lower Gas segment revenues, partially offset by an increase in Water segment revenues, Itron said.
“Our fourth quarter revenue and non-GAAP operating income results reflect continued improvement in our performance,” said Philip Mezey, Itron’s president and chief executive officer. “I was pleased with the increase in smart volumes, 13 percent growth in bookings, our execution on our restructuring plans and our efforts to lower costs and expenses.”
“While fourth quarter results were impacted by a goodwill impairment charge 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,” Mezey said.
For the full year 2014 Itron expects revenue between $1.825 and $1.925 billion; and non-GAAP diluted EPS between $1.30 and $1.80.
The company’s guidance assumes a gross margin between 31 and 32 percent, a Euro to U.S. dollar average exchange rate of $1.33, average shares outstanding of approximately 39.8 million for the year and a non-GAAP effective tax rate for the year between 30 and 32 percent.