I think almost every earnings report is going to be met with "sell the news" selling. I wouldn't buy those puts you mentioned however. I think ITRI is pretty cheap. I think they will meet or beat expectations and it will drop....but maybe not all that much since it's already down there. I don't sense a big reward on buying those puts you mentioned. JMHO.
I'm looking to buy if it reports a solid quarter and drops anyway. If it moves up, I'll probably just let it go. I still think $70 this year is a real possibility.