PowerSecure International reported an 86 percent loss in earnings for the second quarter late Thursday. But the company's financial performance impressed Wall Street analysts, who were bracing for a far bleaker scenario.
All in all, the analysts are upbeat about future prospects for the Wake Forest energy-services company. PowerSecure reported an uptick in product orders, the first quarterly increase in a year.
And the company's fast-growing lighting division has doubled sales for the last three quarters. That division sells energy-efficient lighting for grocery coolers and is now developing and testing an LED streetlight.
"Its potential is massive," wrote Maxim Group analyst William Bremer of PowerSecure's lighting division
PowerSecure reported per share earnings of 4 cents, down from 28 cents for the same three-month period a year ago. Analysts, expecting weak sales in the recession, were projecting a loss of 4 cents. Sales fell 40 percent to $25.1 million for the quarter, beating analysts' expectations of $20 million.
PowerSecure installs emergency backup diesel generators and also sells other energy consulting services. It employs a total of 350 people, including 150 in the Triangle.
PowerSecure issued earnings after close of market trading. The company's stock closed at $5.45 a share, up 2 cents a share. In the past year the stock has climbed as high as $10.38 and fallen as low as $2.95.