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Stock Market & Financial Investment News

News Breaks
December 17, 2012
08:45 EDTITRIItron awarded smart meter contract with City of Johannesburg
Itron announced that, in collaboration with the Edison Power Group, it received a major contract award from the City of Johannesburg, the continent leader and economic hub of Africa with a AA-credit rating from Moody’s and Finch. The engagement, which has a total contract value of approximately $150M, will require Itron to supply its latest generation smart meters and associated smart metering system, tying into the City of Johannesburg’s stated growth and development strategy to improve service delivery and efficiency through network automation.
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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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