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Itron raises 2019 guidance as Q2 results beat estimates by wide margin

Itron Inc. on Aug. 5 reported second-quarter non-GAAP net income attributable to the company of $34.6 million, or 87 cents per diluted share, compared to $20.5 million, or 51 cents per diluted share, in the same quarter in 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 46 cents.

GAAP net income attributable to Itron for the quarter was $19.4 million, or 49 cents per share, an increase from net income of $2.7 million, or 7 cents per share, in the same period in 2018.

Revenue for the quarter increased to $635.0 million from $585.9 million a year ago. The company recorded second-quarter adjusted EBITDA of $73.0 million, compared to $56.9 million in the comparable quarter of 2018.

Itron's total backlog was $3.1 billion, and its 12-month backlog was $1.4 billion, both consistent with the prior year. Second-quarter bookings totaled $702 million.

For full-year 2019, Itron raised its guidance and is now targeting revenue of $2.45 billion to $2.50 billion and non-GAAP diluted EPS of $2.80 to $3.00.

The company's previous revenue guidance was revenue of $2.35 billion to $2.45 billion and non-GAAP diluted EPS of $2.35 to $2.75.