Bottom-line: Earnings were $0.99 per share, in line with our estimate of $0.99 and above consensus of $0.95. The beat was driven by both top-line strength and margins. While guidance will not be updated until the summer, management’s tone was positive. We reiterate our Outperform rating owing to the compelling long-term secular growth prospects for the advanced metering sector and attractive valuation. Outperform- $75 price target.