Itron (ITRI), the “Microsoft of smart metering” is likely to be a big winner in the coming years as the Obama administration pushes for greater efficiencies but for now growth continues to deteriorate.  After years of significant growth in ’05, ’06, ’07 and most of ’08, the company appears headed for a year of flat to negative growth here in 2009.  I personally think that just creates an outstanding opportunity once the correction in the stock plays out in the coming weeks.

For Q4 08 the company reported an EPS of .71/share (12% decrease from year ago), just shy of estimates of .72 on revenues of $432 million (10% decrease from year ago). 

The company expects 2009 revenues in the range of $1.78 – $1.88 billion and an EPS in the range of $3.35 – $3.75.  Analysts were looking $3.70 on EPS with revenues around $1.93 billion, so the stock is off in after hours trading about 8%.

I would imagine a retest of the lows of the correction around 40 are in the cards for ITRI and may look to get into a long term position at those levels.