Wake Forest energy services company PowerSecure International posted its third consecutive quarterly loss this year but said it remains healthy with a record backlog of $360 million in anticipated future revenue.
Third-quarter sales fell 20 percent to $65 million, for a quarterly net loss or $536,000, but beat analyst expectations, the company said Wednesday.
The third-quarter decline was driven by decreases in its emergency backup generator business and also in the electric utility construction and work crew services line.
PowerSecure, which has experienced explosive growth in recent years, has posted a net loss of $7.5 million this year so far, and is heading for its first annual loss in more than a decade.
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Company executives said its record backlog positions PowerSecure for a strong performance next year.
PowerSecure employs 750 people, including 250 in North Carolina. The company’s business lines also include energy-efficient lighting and solar farm installation.
The earnings were issued after close of market trading. Earlier, PowerSecure shares closed up 2 cents at $10.52. The stock is down about 38 percent this year