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Itron shares rise after 1Q earnings beat analyst estimates

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April 30, 2008

LIBERTY LAKE, Wash.—Shares of Itron Inc. rebounded in aftermarket trading Wednesday after the maker of meter reading equipment said its first-quarter profit fell 58 percent, but adjusted income beat Wall Street estimates.

Itron said its income for the quarter ending March 31 fell to $3 million, or 9 cents per share, from $7.2 million, or 26 cents per share, in the year-ago quarter.

Excluding amortization of debt fees, Itron's net income was $26.9 million, or 82 cents per share.

Revenue more than tripled to $478.5 million from $147.9 million in the year-ago quarter, the company said. Sales were higher in both the company's Itron and Actaris segments.

Analysts polled by Thomson Financial expected earnings of 70 cents per share on $453.9 million in sales. Analyst estimates typically exclude one-time costs.

Shares of Itron gained $5.42, or 5.8 percent, to $98.50 in aftermarket trading. During regular trading, the stock fell $6.32, or 6.4 percent, to $93.08.

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