Why Itron (ITRI) Stock Is Surging Today

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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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."

ITRI ChartITRI data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Video: There Are Some Big Changes Coming to the PGA Championships in 2019

Video: There Are Some Big Changes Coming to the PGA Championships in 2019

Video: One-on-One With Pluralsight's CEO Following Its Successful IPO

Video: One-on-One With Pluralsight's CEO Following Its Successful IPO

CBS-Viacom Battle Comes to a Head; FDA Approves Novartis Migraine Drug --ICMYI

CBS-Viacom Battle Comes to a Head; FDA Approves Novartis Migraine Drug --ICMYI

Listen: Here's What You Need To Know About ETFs Today (Hint: They're on Fire!)

Listen: Here's What You Need To Know About ETFs Today (Hint: They're on Fire!)

Cramer and His Team Stick to Their Disciplines -- Even When It's Disappointing

Cramer and His Team Stick to Their Disciplines -- Even When It's Disappointing