DOW JONES NEWSWIRES
Itron Inc.'s (ITRI) first-quarter profit rose 7.4% on higher North American revenue and sales of its smart meters, beating analysts' forecasts.
Itron, which makes smart utility meters and other equipment, posted income of $27.1 million, or 66 cents a share, up from $25.3 million, or 62 cents a share, a year earlier.
Revenue rose 13% to $564 million. Adjusted earnings, which exclude one-time items, were 99 cents a share.
Analysts polled by Thomson Reuters were expecting earnings of 95 cents a share on revenue of $551.9 million.
Itron and other companies that make smart-grid products have benefited from fast-growing demand for their products, particularly in the U.S., where utilities have obtained hundreds of millions of dollars in federal stimulus funds to install smart meters.
Smart meters are digital devices that record electricity and gas use and transmit the usage data over communications networks to the utility and the customer.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; firstname.lastname@example.org