PowerSecure International, Inc. (Nasdaq: POWR) today reported its fourth quarter and full year 2012 results. Highlights include:
- Fourth quarter 2012 revenues increase 18 percent y-o-y to record $46.8 million
- Fourth quarter 2012 gross margin increases to 33.0 percent
- Fourth quarter 2012 GAAP EPS 1 increases 60 percent y-o-y to $0.08, non-GAAP EPS 1 increases 160 percent y-o-y to $0.13
- Full year 2012 revenues increase 25 percent y-o-y to record $162.0 million
“Our record results in 2012, punctuated by our terrific fourth quarter, as well as our strong backlog and the robust early demand we are seeing from our distributed generation and utility infrastructure customers in 2013, plus the recent addition of our ESCO business, have PowerSecure in excellent position to achieve our 2015 objectives of $300 million in revenues with mid-double digit operating margins,” said Sidney Hinton, chief executive officer of PowerSecure.
“2012 unfolded as we expected and I am especially pleased that we continue to see growing bottom line leverage resulting from our previous investments in diverse growth and our focus on cost management. As we capitalize on these prior investments and our revenues scale further, we expect this bottom line growth to continue building,” Hinton added.
Fourth Quarter 2012:PowerSecure’s fourth quarter 2012 (4Q 2012) all-time record revenues of $46.8 million, an increase of $7.1 million, or 18 percent, from the fourth quarter of 2011 (4Q 2011), were driven primarily by a 27 percent year-over-year (y-o-y) increase in revenues from distributed generation products and services and a 40 percent y-o-y increase in revenues from utility infrastructure products and services, as shown below. While showing growth for the full year, 4Q 2012 revenues from energy efficiency products declined 51 percent y-o-y as grocery retailers curtailed investments in LED lighting solutions due to concerns about the macroeconomic environment and uncertainty surrounding the potential impact of the fiscal cliff in late 2012, which followed stronger spending patterns earlier in the year.
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