PowerSecure International, Inc. (NYSE:POWR) today reported its third quarter 2013 results. Highlights include:
- Revenues increase 84.3 percent y-o-y to $81.5 million
- Operating margin expands 6.2 percentage points y-o-y to 7.3 percent
- Operating margin expands 2.7 percentage points y-o-y on non-GAAP basis (see non-GAAP discussion and reconciliation, below)
- EPS increases by $0.14 y-o-y from $0.03 to $0.17
- EPS increases by $0.09 y-o-y from $0.08 to $0.17 on non-GAAP basis (see non-GAAP discussion and reconciliation, below)
- Adjusted EBITDA increases 122 percent y-o-y to $8.0 million (see non-GAAP discussion and reconciliation below)
“We saw strong top and bottom line growth across our business in the 3 rd quarter as our robust organic growth was enhanced by our successful acquisitions, and we continue to execute in delivering best-in-class solutions and service to customers,” said Sidney Hinton, chief executive officer of PowerSecure.
“Our record revenues and further operating margin expansion highlight our execution and, combined with our strong revenue backlog of $240 million, provide us with confidence that PowerSecure is exceptionally positioned for continued success,” Hinton added.
Third Quarter 2013:PowerSecure’s third quarter 2013 (3Q 2013) revenues of $81.5 million increased $37.3 million, or 84.3 percent, over revenues in the third quarter of 2012 (3Q 2012). This increase was driven by a 62.2 percent year-over-year (y-o-y) increase in revenues from distributed generation products, a 72.1 percent y-o-y increase in revenues from utility infrastructure products and services, and a 225 percent y-o-y increase in revenues from energy efficiency products and services. In total, $24.5 million of the y-o-y revenue growth was organic growth from our existing operations, representing a 55.5 percent increase, and the remaining $12.7 million of the y-o-y revenue growth was related to our recently acquired Solais and ESCO operations (for which no revenues were recognized in the prior year period).
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