PowerSecure International, the Wake Forest energy services company, reported an all-time record for quarterly revenue in the second quarter and said its backlog of signed orders is now approaching half-a-billion dollars.
The company said late Wednesday that its revenue surged 88 percent to $107.2 million in the second quarter, driven by growth in all four of its business divisions.
PowerSecure’s backlog has grown to $468 million as the company accumulates orders for backup emergency generators, utility infrastructure work, energy efficiency projects and solar farm installations.
The company also reported second-quarter net income of $871,000, compared to a net loss of $2.7 million for the same three-month period last year. Last year PowerSecure reported losses for three quarters.
CEO Sidney Hinton told analysts that the company is experiencing rapid growth and looking at “a couple of small opportunities” for possible acquisitions, most likely in energy efficiency consulting or data center power supply.
“By small I mean they don’t end up costing us a lot but we wouldn’t bother doing them if we didn’t think we can turn them into something big,” Hinton said.
PowerSecure employs more than 800 people, nearly a third of that workforce at its three locations in the Triangle: Wake Forest, Raleigh and Morrisville.