Itron's (ITRI) Distributed Intelligence Tech Used by Alectra
Itron ITRI recently announced that Canada-based Alectra Utilities is deploying its Distributed Intelligence (DI) technology to overhaul the latter’s electric distribution grid performance.
Based on the total number of customers served, Alectra Utilities is one of the largest municipally-owned electric utility in Canada. It serves over a one million plus strong customer base.
Alectra Utilities will be implementing Itron’s Gen5 Riva meters, multi-purpose industrial IoT (IIoT) network solution and Utility IQ solution. Now, Utility IQ is a utility management software suite designed to assist in smooth collection and management of electricity consumption data, and boost decision making in real time.
Itron’s DI technology aids utilities in overhauling their operations through robust edge computing functionalities, which enable enhanced visibility and control in low and medium-voltage distribution networks. As a result, utilities can also take advantage of advanced applications, such as improved outage detection, electric vehicle management and so on.
The DI platform utilizes smart endpoints (devices, meters and other sensors) with peer-to-peer connectivity and leverages a highly secure IIoT network. It also enables downloading of applications to devices in the field to resolve new and existing issues. The company’s DI applications include apps for asset management, grid optimization, distributed energy resource (DER) integration and consumer engagement.
Itron, Inc. Price and Consensus
Itron, Inc. price-consensus-chart | Itron, Inc. Quote
Headquartered in Liberty Lake, WA, Itron is one of the leading global suppliers of a wide range of standard, advanced and smart meters, and meter communication systems. It also provides networks and communication modules, software, services and sensors for effective management of electricity, gas and water resources for consumers.
Going ahead, Itron expects increased demand for electric vehicles and distributed energy resource management to drive customer bookings.
By the end of second-quarter 2023, the company noted that it delivered 7.2 million DI-capable endpoints, up 13% sequentially. It jumped 140% since the end of 2020. The number of licensed DI applications operating commercially rose 24% sequentially to 9.2 million.
In August 2023, the company also announced that it is expanding its DI platform by launching its latest Edge Gateway product line. This new product line will help utilities to achieve decarbonization and sustainability goals, manage critical infrastructure and support the growing adoption of distributed energy resources. Management anticipates bookings to be $2 billion for the current year.
However, rising operating expenses coupled with leveraged balance sheet remain major headwinds. Uncertainty prevailing over global macroeconomic conditions and volatile supply-chain dynamics continue to be concerns.
Itron currently sports a Zacks Rank #1 (Strong Buy).
Other Stocks to Consider
Other stocks worth consideration in the broader technology space are Asure Software ASUR, Synopsys SNPS and VMware VMW. While Asure Software and VMware sport a Zacks Rank #1 each, Synopsys carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Asure Software’s 2023 earnings per share (EPS) has increased 5.9% in the past 60 days to 54 cents.
Asure Software’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 676.4%. Shares of ASUR have climbed 46.1% in the past year.
The Zacks Consensus Estimate for Synopsys’ fiscal 2023 EPS has gained 0.4% in the past 60 days to $11.09. SNPS’ long-term earnings growth rate is 16.7%. Shares of SNPS have climbed 59.9% in the past year.
The Zacks Consensus Estimate for VMware’s fiscal 2024 EPS has improved 5.9% in the past 60 days to $7.23.
VMware’s earnings outpaced the Zacks Consensus Estimate in two of the last four quarters while missing twice. The average earnings surprise is 1.2%. Shares of VMW have jumped 35.4% in the past year.
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