PowerSecure International, Inc. (Nasdaq: POWR) today reported its second quarter 2013 results. Highlights include:
- Revenues increase 85.4 percent y-o-y to $70.2 million
- Operating margin expands 3.3 percentage points y-o-y to 4.9 percent
- GAAP EPS increases by $0.02 y-o-y from $0.09 to $0.11
- Non-GAAP EPS increases by $0.08 y-o-y from $0.04 to $0.12 (see non-GAAP discussion and reconciliation, below)
- EBITDA increases nearly 150 percent to $5.9 million (see non-GAAP discussion and reconciliation, below)
“Our record second quarter results and all time high backlog illustrate the continued momentum we are seeing across our business as we deliver differentiated, best-in-class solutions to our customers. In addition, we are very pleased with the strong performance of our two most recent acquisitions out of the gate, as our new ESCO and Solais businesses delivered second quarter revenues of $12.3 million and $1.6 million, respectively,” said Sidney Hinton, chief executive officer of PowerSecure.
“With increasing revenues and EPS, a strong balance sheet, growing EBITDA from operations, a backlog that has grown even faster than our revenues, and added strength from our recent strategic acquisitions, PowerSecure has never been in a stronger position for long term success,” Hinton added.
Second Quarter 2013:PowerSecure’s second quarter 2013 (2Q 2013) revenues of $70.2 million, an increase of $32.3 million, or 85.4 percent, from the second quarter of 2012 (2Q 2012), were driven by a 46.1 percent year-over-year (y-o-y) increase in revenues from distributed generation products, a 133.2 percent y-o-y increase in revenues from utility infrastructure products and services, and an 87.1 percent y-o-y increase in revenues from energy efficiency products and services.
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