February 17, 2010 / 9:30 PM / 8 years ago

UPDATE 2-Itron Q4 results top Street

* Q4 adj EPS $0.82 vs est $0.60

* Revenue up 10 pct

* Shares rise 2 pct (Recasts; Adds details, analyst comments)

Feb 17 (Reuters) - Power meter maker Itron Inc (ITRI.O) posted better-than-expected quarterly results, helped by higher shipments of its OpenWay meters and modules.

OpenWay, which is Itron's smart metering solution, helps utilities better manage limited energy supplies.

It has now shipped more than 1 million OpenWay units, said the company, which makes electricity, gas and water meters.

For the fourth quarter, net income was $5.2 million, or 13 cents a share, compared with $2.2 million, or 6 cents a share, a year ago.

On an adjusted basis, the company earned 82 cents a share.

Revenue at the company, which saw a pick up in business in North America, rose 10 percent to $476.8 million.

North America revenue was up 16 percent to $196 million.

Analysts on average were expecting earnings of 60 cents a share, on revenue of $434.9 million, according to Thomson Reuters I/B/E/S.

"We consider Itron a core holding in the smart grid space," analyst Charles Fishman of Pritchard Capital Partners said in a note dated Feb. 16.

Four major deployments underway in Houston, Los Angeles, San Diego and Detroit should position the company for future contract wins, Fishman said.

In early January, U.S. President Barack Obama unveiled a $2.3 billion tax credit to boost jobs by promoting clean energy, and Itron is one of the companies that will benefit from the clean energy tax credit. [ID:nN08251659]

Shares of the Liberty Lake, Washington-based company were up 2 percent at $63.67 in trading after the bell. They closed at $62.45 Wednesday on Nasdaq. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal, Ratul Ray Chaudhuri)

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