Itron Shares Popped: What You Need to Know

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Itron (NAS: ITRI) have popped by upwards of 15% today after the company reported third quarter earnings this morning.

So what: The maker of power meters reported revenue of $615.6 million, but a massive net loss of $517 million, or $12.70 per share, compared with a $0.68 per share profit in the prior year. However, the bulk of the operating loss was the result of a goodwill impairment to the tune of $540 million.

Now what: For the year, management sees total revenue in the range of $2.3 billion-$2.4 billion and non-GAAP diluted earnings per share between $4 and $4.20. The company is closing several of its manufacturing units, which will result in 750 full-time positions being cut, or around 7.5% of its global workforce. Itron sees around $30 million in annual cost savings in 2013 from the restructuring, and will be shutting down or consolidating plants over the next 15-18 months.

Interested in more info on Itron? Add it to your watchlist byclicking here.

At the time this article was published Fool contributorEvan Niuholds no position in any company mentioned.Click hereto see his holdings and a short bio. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.

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