Itron Inc. reported fourth-quarter 2017 non-GAAP net income attributable to the company of $39.8 million, or $1.01 per share, up from $26.4 million, or 68 cents per share, in the same quarter of 2016. The non-GAAP results do not include a $30 million charge associated with the Tax Cut and Jobs Act.
The results beat the S&P Capital IQ normalized consensus EPS estimate of 93 cents.
Operating income for the fourth quarter of 2017 bumped up to $47.2 million from $30.8 million in the corresponding period of 2016.
Adjusted EBITDA for the three months ending Dec. 31 increased to $65.6 million from $53.9 million in the same quarter of 2016.
Revenue for the quarter was $550.8 million, compared to $495.7 million in the same quarter of 2016.
On a GAAP basis, Itron's fourth-quarter net income decreased to $2.4 million, down from $12.7 million in the fourth quarter of 2016.
The lower net income, the company said, was due to a charge of $30 million, or 77 cents per share, to recognize estimated impacts on the company's deferred tax assets due to the enactment of tax reform legislation.
On a full-year 2017 basis, Itron recorded non-GAAP net income of $120.5 million, or $3.06 per share, compared to $98.3 million, or $2.54 per share posted in 2016. Adjusted EBITDA in 2017 was $227.9 million, compared to $208.6 million in 2016.
Revenues during 2017 were $2.02 billion, compared to total revenues of $2.01 billion recorded in 2016.
Itron declared a non-GAAP diluted EPS target for 2018 in the range of $2.95 to $3.35, and revenues forecast between $2.33 billion and $2.43 billion.
