Itron (ITRI) Smashes Estimates, "Momentum Accelerating"

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07:11:41 pm on April 28, 2010

After last quarter’s earnings report I declared that Itron (ITRI) had finally turned the corner and after another quarter of smashing estimates it appears they’re turning that corner up on two wheels, smoke billowing out the back.  The company smashed EPS and revenue estimates after the bell today posting a non GAAP EPS of $1.01 (really .75/share if you take out .26/share tax benefit) on revenues of $499 million. That’s still way ahead of the Wall St estimates of .62 and $457 million and good for another quarter of accelerating revenue and EPS growth. 

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CEO Malcolm Unsworth commented on the quarter:  “The positive momentum that started in North America in the fourth quarter of last year continues to accelerate and broaden.  We shipped over 1 million OpenWay meters and modules during the quarter which is equivalent to the total shipped all of last year, and we are seeing strong demand for our gas and water solutions.  Global interest in advanced metering applications, not only for electric but also for gas and water utilities, continues to be high. Itron is well positioned to take advantage of the momentum worldwide due to our global footprint and leading market positions.”

I’m not seeing a guidance number, but will have that along with any analyst reactions in the morning.

Shares of Itron are about 3% in after hours trading.

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