Itron's water meter deal and 2014 results

Itron's water meter deal and 2014 resultsUS metering giant Itron has bagged a domestic deal for advanced water metering amid sharing its year-end results for 2014.

The City of North Miami Beach water utility has commissioned Itron to help modernize its water distribution system and better manage the delivery and conservation of water resources.

Under the deal, Itron will supply water communication modules and acoustic leak sensors as well as cloud-based leak monitoring, network and Itron Analytics software applications.

Installation of the solution will be complete in summer 2015.

The Itron solution being deployed at North Miami Beach

Ana M. Garcia, city manager for the City of North Miami Beach, said: “Our goal is to drive down costs for the utility and our customers and reduce the amount of water we produce.”

Itron's 2014 financial results

The news comes as Itron announced this week full-year revenues of US$2 billion up to year-end 2014, up from US$1.9 billion in 2013.

Commenting on the results, Philip Mezey, president and CEO at Itron, said: "Our results also include visible improvement in the performance of our electricity segment, which was a top priority in 2014.

"At the same time, we have encountered near-term gross margin weakness, particularly in the Gas segment as we transition to new smart meters in important EMEA markets."

Mr Mezey said that the restructuring plans Itron was implementing in 2015 and 2016 should deliver sustained financial improvement in electricity.

He added: "We will also drive margin improvements in the gas and water segments. Given our significant backlog expansion, operational efficiency projects and expanded services focus for smart cities and the Internet of Things, we are confident in our plans to drive continued revenue growth and improved profitability going forward."