Itron Inc. (ITRI) provides products and services for the energy and water industries. It produces electricity, gas, water and heat meters; and various other associated metering products for residential, commercial and industrial (C&I), and transmission and distribution customers.
Itron should continue to benefit from new technologies, strong domestic market position, and opportunities for growth in the US and internationally. Even so, our optimism is tempered by increasing competitive pressures, technology risks, and the long sales cycle nature of its customers. Also, we expect the recent appreciation of the U.S. dollar to limit near-term revenue growth.
In the third quarter, Itron beat our estimates on the top and bottom lines. The company reported revenue of $485 million versus our estimate of $473 million, while EPS of $0.81 was $0.04 higher than our estimate. We rate share of ITRI a Hold.
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