Business

PowerSecure reports fourth-quarter earnings that beat Wall Street estimates

PowerSecure International, the Wake Forest energy services company, reported fourth-quarter earnings late Monday that beat Wall Street estimates.

PowerSecure had revenue of $73.6 million, up 57 percent from the same period in 2012. That beat the $69.1 million that was the consensus among analysts who cover the company, according to Bloomberg.

Excluding certain one-time charges, PowerSecure reported adjusted net income of 13 cents per share. That was above the 9 cents per share forecast by analysts. The company also said it has a record backlog of $248 million of business in its pipeline that it will book in the future as those contracts are executed.

“A very successful fourth quarter capped a record 2013 for PowerSecure with more than $100 million of revenues in both our distributed generation and utility infrastructure product lines,” CEO Sidney Hinton said in a statement.

PowerSecure specializes in a range of services, such as utility maintenance crew support, emergency power backup generators and energy-efficient lighting. The company has about 750 employees, with roughly a third of them in Raleigh and Morrisville.

For the year, PowerSecure reported revenue of $270.2 million, up nearly 67 percent from 2012. It ended the year with $50.9 million in cash.

PowerSecure shares closed Monday at $23.10, up 61 cents. The stock is up 34 percent this year.

  Comments