Lime Energy Shares Tumble On 3Q Loss, Outlook

NEW YORK (AP) — Shares of Lime Energy Co. fell sharply Friday, a day after the company posted a third-quarter loss and cut its outlook on worries that stimulus bill uncertainty and cautious customers could stall growth.

The energy efficiency and renewable energy solutions provider's stock tumbled $1.53, or 24 percent, to $4.81 in afternoon trading.

On Thursday after the market closed, Lime Energy said its third-quarter net loss widened to $4.2 million, or 26 cents per share, compared with a loss of $3.1 million, or 36 cents per share, during the same period last year. Net loss widened but earnings per-share results narrowed because total shares outstanding in the third quarter rose 83 percent from a year earlier.

Revenue climbed nearly 19 percent to $21 million, up from $17.7 million a year ago.

Analysts surveyed by Thomson Reuters expected a net loss of 9 cents per share on revenue of $21.5 million, on average.

Lime Energy cut its full-year revenue outlook to between $71 million and $73 million, down from previous estimates between $80 million and $85 million. The company also said its full-year loss will be worse than expected. It estimated an adjusted earnings before interest, taxes, depreciation and amortization loss between $5 million and $5.5 million, down from an earlier estimate of a $2 million loss.