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Itron Has Record Backlog Going into 2010

|Includes: Itron, Inc. (ITRI)

Itron, Inc. (NASDAQ:ITRI), a US company that makes hardware for smart metering, reported financial results for 4Q09 and full year.

In 2009 smart grid companies were a hot spot for venture capital investments, partnership deals and acquisitions, as utilities began announcing plans for smart grid deployments. This is most evident in Itron's record twelve-month backlog of $807 million and total backlog of $1.5 billion.

Total revenues of $477 million for 4Q09 were $44 million, or 10%, higher than 4Q08 revenues of $432 million. North America revenues of $196 million for the quarterm were $27 million, or 16%, higher than a year ago. The increase in revenue was primarily due to higher shipments of OpenWay meters and modules which were somewhat offset by fewer shipments of non-AMI electric meters and AMR modules, Itron said.

International revenues of $281 million for 4Q09 were $17 million, or 6%, higher than 4Q08 revenues of $264 million. The increase in International revenues was due to foreign exchange rates which were partially offset by decreases in certain markets due to softening demand and economic conditions.

4Q09 net income was $5.2 million, or $0.13 per share, compared with $2.2 million, or $0.06 per share a year ago.

Reuters reported that the company topped Wall Street expectations.

Total revenues for the full year 2009 were $1.7 billion compared with $1.9 billion in 2008.

Malcolm Unsworth, president and CEO, said he had "great confidence" for 2010. “Last quarter, we stated that we thought third quarter financial results were the low point,” he said. “We did see a pick-up in business in North America in the fourth quarter and made great progress in shipping OpenWay meters and modules in support of our AMI contracts. We have now shipped more than one million OpenWay units.”


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