UPDATE 1-Itron 1st-qtr profit misses Street on higher costs

* Q1 adj EPS $0.91 vs est $0.93

* Revenue $571.6 mln vs est $549.8 mln

* Total operating costs up 6 pct

* Shares down 7 pct after market

April 25 (Reuters) - Power meter maker Itron Inc's first-quarter profit missed market expectations as it was hurt by higher costs, sending its shares down 7 percent in aftermarket trade.

Costs rose due to expenses on product development, software implementation and on building sales teams in Latin America and Asia-Pacific.

Net income for the quarter fell to $25.4 million, or 63 cents per share, from $27.1 million, or 66 cents per share, a year ago.

Operating income at the energy segment went down 12 percent, while operating income at the water segment fell 5 percent.

Excluding items, the company earned 91 cents per share.

Revenue rose about 1 percent to $571.6 million.

Analysts had expected earnings of 93 cents per share on revenue of $549.8 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $44.73 on Wednesday on the Nasdaq.