PowerSecure International, the Wake Forest energy services company, said this afternoon it took a financial hit in the third quarter as it transitions to new lines of business.
CEO Sindey Hinton said in a statement the company is making solid progress in developing new energy services in a challenging economic environment.
Third quarter sales fell by 17.4 percent to $27.7 million, while per share earnings dropped 47.1 percent to 9 cents. The main reason for the decline, the company said, was the completion of a large project for Publix Supermarkets last year, involving the sale of hundreds of emergency backup power generators.
PowerSecure noted that its EfficientLights unit hit a sales record of $8.3 million in the third quarter, an 800 percent increase over the same period last year. The unit sells LED light fixtures for grocery store display cases. The company is also developing an LED streetlight.
The company employs 350 people, including about 150 in the Triangle.
PowerSecure's stock rose 59 cents Thursday to close at $8.91 a share. The stock is up 188 percent for the year.