Itron Shares Soared: What You Need to Know
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 utility solutions provider Itron (NAS: ITRI) have soared today by upward of 26% after the company reported fourth-quarter and full-year earnings results last night.
So what: Fourth-quarter sales added up to $642 million, with adjusted earnings per share of $1.19. Revenue for the full year was $2.4 billion, leading to $4.29 per share in profit.
Now what: Itron also announced that it has agreed to acquire privately held SmartSynch for $100 million, which should broaden its offerings and help drive growth. Itron expects the deal to be accretive to both revenue and non-GAAP earnings per share in fiscal 2013. The company has also seen a slew of analyst upgrades and reiterations of buy ratings following the announcements, including from Baird, ThinkEquity, Canaccord Genuity, and Jefferies.
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