July 28, 2010 / 8:55 PM / 9 years ago

UPDATE 1-Itron Q2 beat Wall Street, shares jump

* Q2 adj EPS $0.98 vs est $0.73

* Q2 rev up 33 pct, beats mkt

* Shares up 9 pct after-mkt

July 28 (Reuters) - Power meter maker Itron Inc (ITRI.O) posted better-than-expected quarterly results, as higher shipments of OpenWay meters and modules drove higher revenues from North America

OpenWay, Itron’s smart meter, helps utilities better manage limited energy supplies.

For the second quarter, net income was $26.9 million, or 65 cents a share, compared with $15.3 million, or 40 cents a share, a year ago.

Excluding items, the company earned 98 cents a share.

Revenue rose 33 percent to $569 million. North American revenues more than doubled to $303.1 million.

Analysts on average were expecting earnings of 73 cents a share, before special items, on revenue of $499.9 million, according to Thomson Reuters I/B/E/S.

Shares of the company rose 9 percent to $63 in trading after the bell. They closed at $57.88 Wednesday on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Unnikrishnan Nair)

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