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October 15, 2012
08:12 EDTITRIItron downgraded to Sell from Hold at Stifel Nicolaus
Stifel said Itron lacks a product road-map for grid applications that would drive additional growth in a commoditized metering environment and notes roll-out delays in Europe.
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May 28, 2015
16:16 EDTITRIItron issues product replacement notification, sees $22M-$25M charge in Q2
In a regulatory filing, Itron reports that on May 22, the company concluded it was necessary to issue a product replacement notification to customers of its water business line who had purchased certain communication modules, manufactured between July 2013 and December 2014. The company determined that a component of the modules was failing prematurely. As a result, Itron will recognize a pre-tax warranty charge estimated in the range $22M-$25M during 2Q15. A charge of $3.1M pre-tax was recorded for this same matter in Q1. Itron carries insurance for such matters and has filed a claim under the respective policies. Any recovery from the insurance would be recognized in the period in which proceeds are received or are determined to no longer be contingent. Under the insurance policies, the company must bear the first $10M of loss. Itron will disclose to what extent, if at all, this warranty charge impacts FY15 non-GAAP EPS guidance range when it reports Q2 results.
May 27, 2015
08:48 EDTITRIItron selected by Linea Distribuzione to modernize distrbution system
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May 20, 2015
08:48 EDTITRISalzburg AG expands smart grid contract with Itron
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