Itron's Temetra Solution Leveraged by Perth-Based Water Corporation

Core Insights - Itron, Inc. has partnered with Water Corporation to modernize Perth's water distribution system using its cloud-based Temetra solution, which will manage data from 16,000 smart meters to enhance water conservation and address drought challenges [1][2][3] Company Developments - The Perth Smart Water Meter project aims to transition from mechanical to smart meters and establish an IoT platform for data integration from various meter vendors [2] - Itron's Temetra solution facilitates a phased transition from automated meter reading (AMR) to advanced meter infrastructure (AMI), ensuring a smooth upgrade process [3] - The project is scheduled to begin in September 2024 and go live in April 2025, focusing on improving water management efficiency and sustainability [3][4] Market Performance - Itron reported a 10% year-over-year revenue increase in Q3, driven by strong market demand and effective operations despite economic challenges [5] - The Grid Edge Intelligence platform is experiencing growth due to demand for data centers, reindustrialization, and electrification, contributing to a backlog of $4 billion [6] Product Innovations - Itron has launched several products, including the CityEdge portfolio for smart city applications and the Low Voltage Distributed Energy Resource Management Solution to stabilize low-voltage networks [7] - The cloud-based Meter Data Management platform, IEE Cloud, offers utilities cost savings and operational visibility through Microsoft Azure [7] Financial Outlook - Itron has raised its revenue guidance for 2024 to between $2.428 billion and $2.438 billion, up from the previous estimate of $2.385-$2.415 billion [8] - Non-GAAP earnings per share (EPS) estimates have also increased to a range of $5.28-$5.38, compared to earlier estimates of $4.45-$4.65 [8] Stock Performance - Itron's shares have increased by 46.3% over the past year, significantly outperforming the industry growth of 3.8% [9]