Shifting the Energy Landscape
Recently, Itron’s strategic partner, Xcel Energy, proudly announced a monumental achievement – the installation of 2 million Gen5 Riva distributed intelligence (DI)-enabled smart meters in the United States. These cutting-edge meters signify an essential component of Itron’s Advanced Metering Infrastructure and industrial IoT network solution.
Xcel Energy, a powerhouse in the utility sector operating across eight states, has taken sweeping initiatives to deliver clean energy solutions to its vast customer base. From the heart of Colorado to the plains of Texas, Xcel Energy’s operations span a diverse array of energy sources, including coal, nuclear, hydro, wind, and solar power.
The rollout of Gen5 Riva smart meters is a testament to Xcel Energy’s commitment to providing sustainable energy to its 3.7 million customers. These DI-enabled meters are a crucial tool in helping utility companies achieve their carbon reduction goals by streamlining operations and minimizing the need for field personnel.
Each smart meter integrated into the IIoT network grants energy providers real-time visibility into grid management, empowering them to make accurate decisions swiftly. Leveraging Itron’s Gen5 IIoT network in tandem with DI technology allows seamless integration of a myriad of applications, both from Itron and its partners.
Moreover, these DI-enabled smart meters empower Xcel Energy’s customers with valuable insights into their electricity consumption, enabling them to make informed choices regarding energy usage. This not only aids in reducing energy costs for customers but also plays a significant role in Xcel Energy’s ambitious goal of delivering carbon-free electricity by 2050.
Embracing these advanced meters also enhances Xcel Energy’s outage tracking capabilities, facilitating prompt responses to customer notifications and swift issue resolutions.
Being a market leader in energy, water, and intelligent infrastructure services worldwide, Itron has a longstanding reputation for innovation and community collaboration in the realm of energy conservation and sustainability.
With a robust financial performance reflected in a 34% gross margin in the last quarter, expanding by 390 basis points year-over-year, Itron anticipates further growth driven by new contracts and a favorable demand landscape.
Over the past year, Itron’s stock has surged impressively by 73.5%, overshadowing the industry’s growth of 18.8%, marking a remarkable ascent in the market.
Exploring Potential in Zacks Rank & Other Stocks
Itron currently holds a Zacks Rank #2 (Buy) position, signifying its positive outlook in the market.
Another stock to watch is Workday Inc., a Zacks Rank #2 company renowned for its prowess in enterprise-level software solutions. Workday’s recent earnings report showed an impressive 9.03% surprise, demonstrating its resilience and innovation in the industry.
AudioCodes Ltd., also carrying a Zacks Rank #2, boasts a long-term earnings growth projection of 24.8%, supported by an average earnings surprise of 20.1% over the last four quarters. Headquartered in Lod, Israel, AudioCodes is a frontrunner in providing advanced communication software and solutions globally.
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For a Detailed Stock Analysis on Xcel Energy Inc. (XEL): Click Here
Unveil the Comprehensive Stock Analysis Report on Itron, Inc. (ITRI) here
Access the Free Stock Analysis Report on Workday, Inc. (WDAY) here
Dig into the Full Stock Analysis Report on AudioCodes Ltd. (AUDC) here
