PowerSecure International, the Wake Forest energy services company, reported record earnings for the third quarter as the company continues to pick up new business and expand through acquisitions.
The 750-employee company reported significant growth in all divisions and said it signed a major utility service contract that is expected to boost by a third the sales reported for the third quarter.
To maintain that momentum, PowerSecure also said that it plans a corporate restructuring to “reduce personnel levels” in its energy-efficiency division and expects to incur restructuring expenses of $4 million to $6 million over six months.
Overall, however, PowerSecure said it expects to add new hires in 2014. The company’s workforce now includes about 250 people in Raleigh and Morrisville.
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The company’s recent acquisitions include an energy services business from Charlotte-based Lime Energy Co., and Solais, a Connecticut lighting company. Both have been absorbed into PowerSecure’s energy-efficiency division.
Last month, PowerSecure bought Encari, a cybersecurity firm in Illinois.
PowerSecure said third-quarter sales were $81.5 million, an increase of 84 percent. The company reported gains in its utility infrastructure, distributed generation and energy efficiency divisions.
Net income was $3.5 million, up from $482,000 in the third quarter of 2012. The company also said it has a backlog of $240 million of business in its pipeline that it will book in the future as those contracts are executed.
PowerSecure shares closed Wednesday at $19.62, up $1.10. The stock is up 151 percent this year.