NEW YORK (TheStreet) -- Shares of Itron, Inc. (ITRI) are soaring 9.23% to $39.76 in midday trading after the company reported second quarter earnings that beat analysts expectations and updated its fiscal year 2014 guidance.
The company reported $21.4 million in adjusted net income for the quarter, or 54 cents per share, down from $22.9 million, or 58 cents per share one year ago, but beating analysts' estimates of 36 cents per share.
Revenue for the second quarter was $489.35 million, compared to $482.18 million in the same quarter of 2013, and higher than the $465.61 million in revenue that analysts expected.
For its full year 2014 guidance, the company expects non-GAAP earnings in the range of $1.50 to $1.80 per share and revenue of $1.9 billion to $1.98 billion. Analysts expect earnings of $1.60 per share on revenue of $1.91 billion.
In addition, the technology company settled a lawsuit with Endeavor MeshTech (ENIP) over a claim of patent infringement.
Separately, TheStreet Ratings team rates ITRON INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ITRON INC (ITRI) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself."