PowerSecure reports record Q3 earnings
11/06/2013 11:04 AM
11/06/2013 11:04 AM
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.
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.
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