DOW JONES NEWSWIRES
Itron Inc.'s (ITRI) first-quarter profit rose 7.4% on higher
North American revenue and sales of its smart meters, beating
analysts' forecasts.
Itron, which makes smart utility meters and other equipment,
posted income of $27.1 million, or 66 cents a share, up from $25.3
million, or 62 cents a share, a year earlier.
Revenue rose 13% to $564 million. Adjusted earnings, which
exclude one-time items, were 99 cents a share.
Analysts polled by Thomson Reuters were expecting earnings of 95
cents a share on revenue of $551.9 million.
Itron and other companies that make smart-grid products have
benefited from fast-growing demand for their products, particularly
in the U.S., where utilities have obtained hundreds of millions of
dollars in federal stimulus funds to install smart meters.
Smart meters are digital devices that record electricity and gas
use and transmit the usage data over communications networks to the
utility and the customer.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468;
cassandra.sweet@dowjones.com