tron to cut 9% of workforce, consolidate facilities • 12:01 PM
Itron (ITRI +1.9%) will cut 750 jobs, or 9% of its workforce, and consolidate several facilities in an effort to improve its bottom line.
The meter manufacturer estimates the restructuring will cost $30M-$35M pretax, mostly to be incurred during Q3, and will generate annual savings of $30M.
Itron has missed revenue expectations in both of the last 2 quarters (I, II) as its energy division has experienced declining revenues due to soft demand.
...as i have argued with basher alias' for last several years..itron, landis, elster, now ssni.. Nobody doing well..why? Because "expected" growth in global roll outs slowed to a crawl at best and pilots and studies are holding up contracts while utilities and government regulators try to figure out where to spend money...
..So to bashers, it's not only ELON that's sucking...Yes its #$%$..but no, it's not management or technology that's the problem. as all the managements are having hard time and no technology is "taking over"...
Has everyone on board noticed how poorly SSNI is doing...shocking, considering that basher alias on board has for couple of years pronounced Echelon way behind in technology and how ssni and itron would be leaving Echelon in dust.... Hmmm..appears markets do NOT agree with basher alias' pronouncements...No, in actual fact, all the meter players suffering from "unexpected" multi-year lull in global roll outs... Now that is an apparent FACT..not hyperbole of basher alias spouting phantasmagorical imagination..