Global metering solutions provider Itron has reported revenues of $2.2bn in the fiscal year (FY) 2012, down from $2.4bn in the same period in 2011.

During the fourth quarter ended 31 December 2012, revenues totaled $523m, down from $642m in the comparable quarter a year ago.

"Higher revenue in the Water segment was offset by lower revenue in the Energy segment due to the completion of several OpenWay projects in North America," Itron said.

In May 2012, the company had acquired Itron Cellular Solutions, which added $10m and $22m in revenue in the fourth quarter and full year 2012, respectively.

Itron president and chief executive Philip Mezey commented, "Our fourth quarter results reflect transition in Itron’s business as we successfully complete more than $1.5 billion of OpenWay projects in North America and begin new electricity, gas and water smart system pilots and deployments around the world."

The company serves utilities with its products and services including electricity, gas, water and thermal energy measurement and control technology.