Itron, Inc (Nasdaq: ITRI), a developer of smart metering technology for the energy and water industries, reported record North American revenues in 1Q10.
Total revenues of $499 million for 1Q10 were $111 million, or 29%, higher than 1Q09. North America revenues of $243 million were $104 million, or 74%, higher than the comparable 2009 period revenues of $139 million.
The increase in revenue was primarily driven by higher shipments of OpenWay meters and modules. International revenues of $256 million for 1Q10 were $7 million, or 3%, higher than the comparable 2009 period revenues of $249 million. The increase in International revenues was due to foreign exchange rates which was somewhat offset by a decrease from soft demand and economic conditions in certain markets.
GAAP net income and diluted EPS for 1Q10 was $26.8 million, or 66 cents per share, compared with a net loss of $19.7 million, or 55 cents per share, in the same period in 2009.
Total backlog was $1.5 billion at March 31, 2010 compared with $1.5 billion at March 31, 2009. Twelve month backlog of $981 million at March 31, 2010 was higher than the $471 million at March 31, 2009 due to the inclusion of a substantial amount of OpenWay contract shipments in the current twelve month backlog. New order bookings for the first quarter of 2010 were $481 million, compared with $625 million in the first quarter of 2009.
Sale of EEM Suite
Itron sold its Enterprise Energy Management Suite (EEM SuiteTM) software group for an undisclosed amount to McKinstry, a US-based firm specializing in consulting, construction, energy and facility services.
EEM Suite is an internet-based application that monitors buildings’ energy and water usage and helps find ways to reduce energy costs and green house gas emission. McKinstry has licensed EEM Suite from Itron since 2007 as a part of its facility management offering to clients.
Currently McKinstry services and monitors more than 250 million square-feet of building space nationally.
McKinstry CEO, Dean Allen said the company is now capable of managing
the next generation of smart buildings. “Acquiring this technology allows us to advance our vision of integrating the smart grid into building systems throughout the country,” he said.
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