Wednesday October 28, 09:43 PM
UPDATE 1-Itron Q3 lags Street, shares slip
* Q3 adj shr $0.45 vs est $0.50 * Revenue down 18 percent
* Shares down 3 pct in post-market trade
Oct 28 (Reuters) - Power meter maker Itron Inc posted quarterly results that missed estimates, hurt by lower spending by customers as they await approval of projects that may qualify for stimulus funding.
Itron (NASDAQ: ITRI - news) , which makes electricity, gas and water meters, has seen its sales getting deferred due to lackluster spending.
For the third quarter, the company posted a loss of $3.0 million, or 7 cents a share, compared with a profit of $5.6 million, or 15 cents a share, a year ago.
Excluding special items, the company posted a profit of 45 cents a share.
Revenue fell 18 percent to $408.4 million. North American revenue was down 22 percent, hurt by fewer shipments of electric meters and Automatic Meter Reading (AMR (NYSE: AMR - news) ) modules.
Analysts on average were expecting earnings of 50 cents a share, before special items, on revenue of $418.5 million, according to Thomson Reuters I/B/E/S.
Shares of the company fell 3 percent to $56.05 in post-market trade. They closed at $57.61 Wednesday on Nasdaq (NASDAQ: news) .
(Reporting by Divya Sharma in Bangalore; Editing by Anne Pallivathuckal) Keywords: ITRON/
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