Itron (ITRI) Reports Profits In The 3rd Quarter And Revises Guidance

It’s 3rd quarter earnings report time again, and we have some good news to report. If you own shares in Itron, a company that makes smart meters, you’ll be pleased to see that they are now turning a profit and are exceeding analyst’s expectations for the third quarter.

This time last year, Itron reported a net loss of $3.4 million, or .11 per share. Yesterday, it reported a net income of $7.7 million or $0.21 per share. During the third quarter, revenues rose 12%. Looking at non-GAAP income and excluding amortization of debt fees,  net income was $29.9 million or $0.81 per share. The Street only expected the company to bring in $470.98 million in total revenue this quarter, but the company surprised the analysts by reporting revenue of $485 million instead.

Based on the strong third-quarter showing, Itron revised its guidance for 2008:

"Looking forward, Itron revised its adjusted earnings guidance for the full year and now expects non-GAAP earnings in the range of $3.35 per share – $3.45 per share, compared to previous guidance range of $3.35 per share – $3.50 per share. Revenues are now anticipated between $1.91 billion to $1.93 billion, compared to previous guidance of $1.91 billion to $1.95 billion for the full year." –RTT News

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