After four straight quarters of sliding revenues and profits, it appears the smart grid sleeping giant Itron (ITRI) has been awakened and ready for years of extraordinary growth. Ok, maybe that’s a bit optimistic, but she has clearly turned the corner with a very impressive quarterly earnings report after the bell today. The company smashed conservative Wall St estimates of .60/share by posting a non GAAP EPS of .82 share on revenues of $477 million. Sequentially, that’s nearly double the profit over last quarter and a 15% improvement over the year ago quarter. It’s the first quarter of quarter over quarter growth in five quarters. Say that 10x fast.

I posted earlier about FBR Research and Piper Jaffray maintaining their ratings on First Solar (FSLR) ahead of earnings and Broadpoint is chiming in with a maintain as well.  They have a Buy rating and $165 price target on FSLR and are holding to it through earnings on Thursday.  Hat tip to Street Insider for the following analyst comment:

In what is Lebanon’s largest social initiative to date, Suntech has supplied its local partner Asaco General Trade & Contracting with solar panels that will supply power to 19 remote Lebanese schools. The schools were previously depended on the power grid, but because they were located in such remote areas, they suffered through frequent blackouts that made it difficult for the students to learn. To help, Asaco created customized systems for each school using Suntech panels, with outputs ranging from 1.2kWp to 1.8kWp.

Raser Technologies (RZ) received another life line today, this time in the form of the U.S. Treasury for $33 million as part of the American Recovery & Reinvestment Act.  Raser is expected to receive the funds in about a week and will be used to retire debt and obligations related to its Thermo No. 1 geothermal project which has so far been a money pit.  The company will continue to seek additional financing to take advantage of government incentives in the $15 – 20 million range.

Yesterday FBR Research reiterated its Underperform rating on First Solar (FSLR) and this morning Piper Jaffray is holding firm with its own rating of Outperform.  The firm has a $127 price target.  Hat tip to Street Insider for the following analyst comment: