Itron (ITRI) reported earnings results after the bell today that missed analyst estimates on the EPS side and shares are down about 5% after hours as a result.  The company reported an EPS of .95/share vs the analyst estimate of $1.05 on revenues of $620.7 million vs the analyst estimate of $$576 million.  So, the revenue number was excellent, they just didn’t deliver on the EPS side.

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“Our record results for the year resulted from our continued commitment to technological innovation as well as our balanced and diversified portfolio of products and solutions for the electric, gas and water industries,” said Malcolm Unsworth, president and CEO. “Our main objectives in 2010 were to successfully deploy our smart metering solutions for our large contracts in North America, prepare for developing opportunities in Europe and other regions of the world, and grow our gas and water businesses. We met those objectives and more and are positioned for continued growth in 2011.”

Looking ahead for the full year, the company expects a non GAAP EPS of $3.95 – $4.40/share on revenues of $2.15 billion – $2.30 billion.  Analysts expected an EPS number of $4.38/share on revenues of $2.33 billion, so guidance was solid, but not outstanding.

I still like Itron as a long term smart grid play once the dust settles on this earnings report.  They remain the leader in the space and once the stock emerges from a long base, it will provide an excellent entry point.  The quarter wasn’t that bad.