Itron (ITRI) Smashes Estimates, Surges AH

Itron (ITRI), smart meter extraordinaire, posted earnings results after the bell that were mighty impressive.  The company beat analyst estimates by a wide margin on both EPS and revenues posting an EPS of $1.06 on revenues of $576 million.  That compares with analyst estimates of .86/share on revenues of $530 million, so a significant beat for ITRI tonight and shares are rising 8% in after hours trading.  Quarter over quarter growth was big indicating the company is back on track after a tough 2009.  Earnings jumped 136% while revenues jumped 41% over the year ago quarter.

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“Our growth this quarter has been driven by our smart solutions for electric, gas and water utilities. Itron’s investments and innovation are paying off with outstanding results,” said Malcolm Unsworth, president and CEO. “Our global backlog remains robust thanks to our balanced portfolio of products. We are excited about the potential for additional projects in North America and very pleased to see the continued momentum in Europe and other parts of the world towards the adoption of smart technologies.”

Whiles shares of ITRI continue to work on the right side of a new base, the stock has looked increasingly bullish in recent weeks after bottoming out in August.  Tomorrow’s surge should get it above resistance of the 200 day moving average for the first time since June.  Great quarter.

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