Itron, Inc. (ITRI - Free Report) is rolling out a new smart gas meter platform in Europe which has been geared to provide smart meter technology. The smart meters will be initially introduced in the U.K. and Italy and afterwards to other countries.
The smart gas meters are designed to benefit utilities in providing accurate and detailed gas usage data for managing and measuring gas. Additionally, the meters use remote asset monitors, advance alarms and remote valve operation, which help in cutting down business costs of the utilities.
Itron’s smart gas meters represent the next generation of the Gallus product line that are equipped with a state-of-the-art modular electronic index. Therefore, the meters will be replacing the aging traditional meters in Europe.
Itron’s efficient gas meters empower utilities to better manage their resources for a sustainable future. Hence, these meters have gained a wide acceptance among customers across the globe.
Recently, Itron has won the nation’s largest gas metering contract for supplying gas meters as well as gas regulators to the Southern California Gas Company, a regulated subsidiary of Sempra Energy (SRE - Free Report) . The installation of the gas meters will start from fourth-quarter fiscal 2012.
Earlier, in July, Itron won a three-year contract to supply gas meters (residential, commercial and industrial) to Turkey’s largest private gas utility, AKSA. The gas meters will be installed in the regions covered by AKSA.
The innovative gas meters are helping Itron win new business contracts and expand its geographic footprint. The company’s contract wins and expansion, in turn, will boost its revenues as gas remains the most profitable area.
Based in Liberty Lake, Washington, Itron Inc., along with its subsidiaries, is one of the principal technology providers to the energy and water industries worldwide. The company’s broad product portfolio includes electricity, water, gas and thermal energy measurement and control technology along with communications systems, software and professional services.
Itron retains a short-term Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on the stock.