PowerSecure International, a Wake Forest energy services company, reported increased sales for the fourth quarter, beating analyst expectations and forecasting of improving economic conditions.
The company reported sales of $30 million, up 13.7 percent from the same three-month period a year ago.
Diluted earnings per share were 9 cents, more than twice as much as analysts expected.
The revenue backlog was $120 million, the highest in four years. The figure reflects products sold but not booked and represents future sales.
"We couldn't be more please with our fourth quarter results and our strong finish for 2009," CEO Sidney Hinton told analysts in a conference call. "Our optimism is growing. We believe we're seeing continued signs of economic recovery."
The company issued earnings Thursday after the close of market trading. Shares closed at $8.35 today, up 35 cents. The stock is up over 100 percent in the past year.
PowerSecure sells and operates electric generators, fueled by diesel and natural gas, for grocery stores and other clients. The company is branching out into energy efficient lighting and other services.
The company's EfficientLights LED product posted sales of $7 million, a 644 percent increase over the same quarter last year. This business unit sells LED lighting fixtures for convenience store displays.
PowerSecure employs 350 people, including about 150 in the Triangle.
John Murawski has been a full-time newspaper reporter since 1991, with stints at Legal Times and The Chronicle of Philanthropy (both in Washington, DC), The Philadelphia Inquirer and The Palm Beach Post (in South Florida) before arriving at the N&O in December 2004. At the N&O he covers energy (nuclear, coal, renewable, efficiency), hydralic fracturing (or "fracking"), public utilities (both electric and natural gas) and health care. His beat includes Progress Energy, PSNC Energy, Piedmont Natural Gas, PowerSecure International, GlaxoSmithKline, Merck, Novo Nordisk, Pfizer, Biogen Idec and others. You can reach him at 919-829-8932 or