* Q2 EPS ex-items of $1.20 vs Wall St view of $1.04
* Q2 rev $612 mln vs $571 mln Wall St estimate
* Shares up more than 6 percent
(Updates share activity, adds 2011 forecast, background,
changes dateline pvs NEW YORK)
LOS ANGELES, July 27 Itron (ITRI.O) posted
second-quarter earnings and revenue that topped Wall Street
estimates on strong growth in its gas and water smart meter
business outside the United States.
The company's shares rose more than 6 percent following the
Itron's advanced electric meters allow households to
monitor their usage more closely while also sending data back
to their power providers.
"I am very pleased with the performance of Itron
International," Itron Chief Executive Malcolm Unsworth said in
a statement. "Our smart metering projects in North America are
continuing to drive revenue, but one of the keys to our future
growth is to continue to introduce innovative technologies in
other parts of the world and to streamline our operations to
improve profitability and our time to market."
Net income rose to $34.4 million, or 84 cents per share,
versus $25.3 million, or 61 cents per share, in the year-ago
Excluding one-time items, earnings per share of $1.20
topped the $1.04 that analysts had on average forecast,
according to Thomson Reuters I/B/E/S.
Revenue in the quarter rose 8 percent to $612 million,
exceeding analysts' consensus estimates of $571 million.
Excluding the impact of a weak dollar, revenue rose just 2
percent from the prior year, Itron said.
For the full year, Itron expects revenue of $2.3 billion to
$2.4 billion and earnings before items of $4.20 to $4.60 per
Analysts, on average, are expecting 2011 revenue of $2.3
billion and earnings per share of $4.21, excluding items.
Shares of Itron rose in post-market trading to $50.10 after
closing 4.4 percent lower at $47.08.
(Reporting by Nichola Groom and Matt Daily; Editing by
Richard Chang, Bernard Orr)