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Itron (ITRI) and SmartThings to Enhance Energy Management

Zacks Equity Research
·4-min read

Itron Inc. ITRI has announced a collaboration with SmartThings to connect Itron’s industrial IoT (IIoT) network solution and SmartThings’ services and solutions.

The partnership will use Itron's distributed intelligence (DI) network, which has millions of linked endpoints, and SmartThings Energy service 1 to give real-time energy readings and consumption trends for better energy management and conservation. This will enhance value to consumers by giving them a complete picture of their energy consumption.

Utility partners will be able to sign up people for energy efficiency, demand response, and EV charging programs from the pool of SmartThings applications users. Customers who participate in their utility's program will be better able to control and see their entire grid, cut their energy usage and help utilities move toward their carbon reduction goals.

The cloud-to-cloud connectivity may be used by Itron, utility partners and SmartThings to give customers a simple and safe way to authorize data access to DI application data, entire building consumption data and more.

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Itron’s device solutions business segment has a wide array of standard gas meters, electricity IEC meters, water meters and communicating meters. The company plans to leverage its portfolio to expand its global presence in the utility sector with several collaborations.

In July, the company launched the Itron Engage Sales Channel Partner Program in the Asia Pacific region, which provides utilities and municipalities with tools, training and support for Itron’s solutions. The program is aimed at improving energy and water management capabilities and client support for Itron’s sales channel partners.

Prior to that, Itron and United Systems & Software collaborated with Sevier County Utility District (“SCUD”) to roll out ITRI’s meter data collection and management solution across SCUD’s gas district in Tennessee. Itron will help SCUD to serve reliable gas services to its 15,000-customer gas district in East Tennessee.

Such collaborations are likely to offer a steady revenue stream for the company. However, the company faces heightened competition, leading to the threat of pricing pressure and a loss of market share. A leveraged balance sheet is a further concern.

Supply chain issues and inflationary pressure continue to be a headwind for Itron. Also, Itron will likely face temporary redundant costs in product development and general & administrative expenses while executing its restructuring plans.

Recent Quarterly Performance of Peers

Fortive Corporation FTV reported earnings of 79 cents per share in second-quarter 2022, beating the Zacks Consensus Estimate by 8.3%.

Revenues increased 10.9% year over year to $1.46 billion and beat the Zacks Consensus Estimate by 3.6%. Fortive's top line was driven by strong customer demand, especially in North America and Western Europe. However, this was partly offset by persistent supply-chain troubles and the reimposition of lockdown in certain parts of the world.

Agilent Technologies A reported earnings of $1.34 per share in third-quarter 2022, beating the Zacks Consensus Estimate by 11.7%. The bottom line increased 21.8% year over year and 18.6% sequentially.

Revenues of $1.72 billion surpassed the Zacks Consensus Estimate by 4.9%. Agilent's Revenues increased 6.9% from the prior quarter’s figure. The top-line growth was driven by continued strong growth in the pharma market. Also, solid momentum in the chemical & energy market remained positive.

AMETEK Inc AME reported second-quarter 2022 adjusted earnings of $1.38 per share, which beat the Zacks Consensus Estimate by 6.9%. Further, the bottom line rose 20% on a year-over-year basis.

Net sales of $1.51 billion surpassed the Zacks Consensus Estimate of $1.46 billion. Further, AME's top line rose 9% year over year. The top-line growth was driven by strong performances of the Electronic Instruments Group and Electromechanical Group segments in the reported quarter.


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