PowerSecure Reports First Quarter Earnings
Energy services company PowerSecure reported Q1 earnings May 5 that exceeded most analyst expectations.
Overall, first quarter 2015 revenue totaled $79.5 million, an increase of $26.7 million, or 50.6 percent over last year's Q1 numbers. The company had an earnings per share of one cent, whereas Wall Street economists had projected a three-cent loss. In the first quarter of 2014, the company lost 19 cents per share.
"Our focus on operational excellence has delivered a strong quarter, with healthy year-over-year revenue and margin growth in every segment. We are especially excited about the momentum we are gaining, with new data center, microgrid and hospital projects propelling our backlog to another record high," said PowerSecure CEO Sidney Hinton.
The company, which offers a range of services that include energy efficiency consulting and smart grid capabilities, announced in February a strategic relationship with a new data center company. With this new partnership, PowerSecure will provide integrated facility design solutions in multiple data center locations, including two new facilities in the western half of the U.S.
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