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