Itron (ITRI) Beats Lowered Expectations, Announced Record Backlog

Itron (ITRI) investors could use some good news and they got it after the bell today with the company reporting earnings and revenues that beat analyst estimates.  The company reported an EPS of .99 vs the analyst estimate for .95 on revenues of $563.7 million vs the analyst estimate for $551.92.  The EPS number was about inline with what they reported on the year ago quarter while revenues increased 13%.  The company is currently undergoing a reorganization which should help cut costs in the future.  I don’t see any guidance posted yet.

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“We had a great start to the year driven by the continued global success of our advanced solutions for electric, gas and water utilities,” said Malcolm Unsworth, president and CEO. “We ended the quarter with a record backlog of $1.75 billion as a result of very strong bookings, and also improved our operating margin. And we are implementing a new global reorganization to position ourselves to aggressively grow our business and profitability going forward.”

Surprisingly, shares aren’t moving up on the news in after hours trading and are down fractionally.  Technically, it looks to me like shares have likely bottomed around the $50 level and I still view as Itron as a great long term holding in any green energy portfolio.

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