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.

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

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