) has signed a deal with C3 Energy, a leader in energy efficiency
and customer engagement management solutions for utilities, to
jointly market an energy solution to North American utilities.
The smart metering technology and data management solutions of
Itron together with the energy management solution of C3 Energy
will facilitate utilities in helping customers to take care of
their energy consumption more efficiently.
Based in Redwood City, California, C3 Energy enables its customers
to increase their profitability by optimizing their energy
management strategy. It offers software solutions helping companies
to understand, optimize, and report on their energy use and
greenhouse gas emissions to reduce cost, risks and environmental
Itron aims at providing its efficient smart meter technologies to
empower utilities to better manage their natural resources for a
sustainable future. At the same time, the company is partnering
with leading facilities that fortify the utilities in managing the
resources in a better way.
The strategy benefits Itron in expanding its smart meter product
portfolio. Moreover, the company focuses on increasing its
geographical footprint to reach a wider customer
Earlier, in September, Itron partnered with leading smart grid
solutions provider PrimeStone to offer their energy solutions to
the customers in Latin America. The partnership intends to provide
a wide range of smart metering and smart grid solutions to the
customers, which will ensure better management of energy
Recently, Itron won the nation's largest gas metering contract from
the Southern California Gas Company (SoCalGas), a regulated
). Itron will be supplying roughly 1.5 million of its gas meters
and more than 600,000 gas regulators to SoCalGas.
Itron has been undertaking restructuring initiatives to increase
its efficiency and lowering manufacturing costs. As a result, the
company anticipates annualized cost savings of $15 million in 2012,
which is expected to further increase to $30 million in 2013.
However, it expects to book associated pre-tax charges in the range
of $75-$80 million, a major portion of which is expected to be
incurred in 2012. Higher operating expenses are likely to create
margin headwinds in 2012 and first half of 2013.
Itron retains a short-term Zacks #3 Rank (Hold). We have a
long-term Neutral recommendation on the stock.
ITRON INC (ITRI): Free Stock Analysis Report
SEMPRA ENERGY (SRE): Free Stock Analysis Report
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