Itron, Inc. (NASDAQ:ITRI) has signed a contract with the Tonga Water Board to provide its OpenWay Riva IoT solution for water. Itron’s new smart water meters will reduce water losses in Tongatapu Island, the main island of Tonga.
Located in the South Pacific, just over 3,000 miles east of Australia, the Kingdom of Tonga serves more than 100,000 people. Tonga has a combined electricity and water management system with existing OpenWay Riva network utilized by Tonga Power Limited (TPL) on Tongatapu.
However, old infrastructure, inaccurate consumption measurement and unpaid invoices have resulted in high levels of non-revenue water losses in some areas of the island. Partnering with Itron, TPL will utilize Itron managed services for network management and maintenance for water operations.
Now, Tonga Water Board will use the old network and new water meters to measure water consumption more accurately and detect leaks faster. It will also help customers to monitor their consumption consistently.
Moreover, Itron continues to focus on expanding its portfolio, aimed at higher growth opportunities utilizing the power of OpenWay Riva platform. Customer interest in Itron's OpenWay Riva IoT solution continues to be strong. The company had signed 10 OpenWay Riva customers till first-quarter 2017 and the list continues to grow.
Itron has outperformed the Zacks classified Electronics Testing Equipment sub-industry over the past one year with respect to price performance. The stock rallied 52.4%, while the industry recorded growth of 48.5% over the same time frame.
Itron currently carries a Zacks Rank #3 (Hold).
Key Picks
Better-ranked stocks in the same space include Applied Optoelectronics, Inc. (NASDAQ:AAOI) , AppFolio, Inc. (NASDAQ:APPF) and Applied Materials, Inc. (NASDAQ:AMAT) . All of these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Applied Optoelectronics has a remarkable average positive earnings surprise of 118.33% for the last four quarters. AppFolio generated an average positive earnings surprise of 75.33% over the trailing four quarters. Applied Materials has delivered an average positive earnings surprise of 3.35% in the past four quarters.
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AppFolio, Inc. (APPF): Free Stock Analysis Report
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Itron, Inc. (ITRI): Free Stock Analysis Report
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