Echelon Posts Revenue Growth, Beats Estimate

The company records strong revenue growth and beats estimates by a penny.
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posted a 119% revenue increase, and beat the consensus first-quarter estimate by a penny.

The smart-appliance system designer earned $2.69 million, or 7 cents a share, compared with breakeven results in the year-ago quarter. According to Thomson Financial/First Call, analysts had been expecting the company to earn 6 cents a share.

Revenue for the quarter was up 119% to $27.6 million from $12.6 million last year, while operating expenses increased to $12.2 million from $10 million.

Echelon said it was pleased with the results, but the company noted it didn't see any near-term change in the economic climate. Although the company didn't offer any specific guidance, a press release said it expects this to be an "exciting, profitable growth year."

Shares of Echelon were recently down 0.6% to $19.91 in Instinet trading on the news after closing at $20.03 Thursday.