Key Points
Itron reported strong earnings for the quarter.
The company raised full-year guidance as it benefits from demand for artificial intelligence.
The stock does not look overly cheap right now.
- 10 stocks we like better than Itron ›
Shares of Itron (NASDAQ: ITRI) jumped as much as 18.7% this week, according to data from S&P Global Market Intelligence. The global utility technology provider posted strong second-quarter earnings and raised its full-year guidance, sending the stock higher.
As of 10:44 AM EST on Friday, July 31, shares of Itron are up 17.4%. Here's why, and whether now is a good time to buy the stock.
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Raised full-year guidance
Itron makes utility meters and grid intelligence technology to help manage the electric grid. It helps meters manage electricity demand volatility, a growing need amid the current artificial intelligence (AI) boom.
This quarter, Itron posted non-GAAP earnings per share (EPS) of $1.59, well above analyst expectations of $1.29, and raised its full-year earnings guidance. Management commentary indicates there is significant demand for Itron's products and services for electric grid stability as the AI infrastructure build-out continues.
Image source: Getty Images.
Should you buy Itron stock?
After this week's pop, Itron trades at just below $100. Its full-year EPS guidance is for $6.40 at the midpoint, or a forward price-to-earnings ratio (P/E) a touch above 15. For anyone who believes the AI revolution will be a tailwind for Itron, this does not look like an overly expensive stock to buy right now.
Should you buy stock in Itron right now?
Before you buy stock in Itron, consider this:
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Itron. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
