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Itron posts Q2 net income gains, beats estimates

Itron Inc. reported second-quarter 2017 non-GAAP net income attributable to the company of $27.9 million, or 71 cents per share, up from $25.1 million, or 65 cents per share, in the same quarter of 2016.

The results beat the S&P Capital IQ normalized consensus EPS estimate of 68 cents.

Itron's non-GAAP operating income bumped up to $53.3 million in 2017 second quarter from $41.6 million in the corresponding period of 2016.

Adjusted EBITDA for the three months ending June 30 increased to $59.7 million, from $51.8 million in the same quarter of 2016.

Revenue for the quarter was $503 million, compared to $513 million in the same quarter of 2016.

Itron said growth in revenues from the electricity segment was offset by declines in water and gas revenues. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately $6 million for the quarter.

On a GAAP basis, the company posted second-quarter net income of $14.1 million, down from $19.9 million in the second quarter of 2016.

Itron increased its non-GAAP diluted EPS guidance for 2017 to a range of $2.95 and $3.15, from a previous EPS range of $2.80 to $3.10 and forecast revenues $2.03 billion to $2.06 billion. Itron attributed the guidance increase in part to acquisition of Comverge Inc.