PowerSecure beats expectations

August 8, 2009 

PowerSecure International reported an 86 percent drop in earnings for the second quarter, but its performance impressed analysts, who were bracing for a bleaker scenario.

Analysts said Friday that they are upbeat about prospects for the Wake Forest energy-services company as its expansion into green energy products starts to yield results.

Its lighting division has doubled sales for the last three quarters, to $4.5 million. That division sells energy-efficient lighting for grocery coolers and is now developing an LED streetlight. PowerSecure employs 350 people, including 150 in the Triangle.

"Its potential is massive," wrote Maxim Group analyst William Bremer of PowerSecure's lighting division.

PowerSecure reported per share earnings of 4 cents, down from 28 cents for the same three-month period a year ago. Analysts, expecting terrible sales, were projecting a loss of 4 cents. Sales fell 40 percent to $25.1 million for the quarter, still beating expectations of $20 million.

PowerSecure issued earnings after close of market trading Thursday. On Friday, the company's stock got a lift, rising 49 cents to $5.94.

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