Itron (ITRI) Misses But CEO Confident Going Forward

As expected, Itron (ITRI) didn’t post great results after the bell today and that’s been the case for much of the past year as utilities continue to curb spending.  The company posted an EPS of .45, missing analyst estimates by .07 on revenues of $408 million which also misses estimates ($418 million).  The stock isn’t getting hit too hard after hours because expectations were low going in and most traders recognize that with stimulus funds now beginning to flow, the future looks bright for the company.

Here’s a comment from the CEO:

“As we expected, third quarter results reflect continued softness in the market,” said Malcolm Unsworth, president and CEO. “We are still being negatively affected by the economy, foreign currency exchange rates and lower order volumes as our customers await stimulus fund award announcements. On the positive side, we have now shipped more than 400,000 OpenWay units, our AMI deployments are gaining momentum and stimulus awards have been announced. We are confident and excited about the opportunities for growth next year.”

Shares of ITRI are down just over 2% after hours and holding above key support in the 54 – 55 range.

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