PowerSecure International, the Wake Forest energy-services company, this afternoon reported second-quarter sales gains in all of its business divisions as the fast-growing company works on reining in operating expenses.
PowerSecure reported 26 percent growth in revenue company-wide, including its three business units: diesel backup generators, utility work crews and energy efficiency products.
In part because of an asset sale last year and a $4 million acquisition in June, the company's profit fell from $18.5 million to $1.3 million. Per share earnings dropped from 9 cents to 0.09 cents.
Still, CEO Sidney Hinton characterized PowerSecure's performance as "terrific" so far this year, noting that the company's sales backlog has hit a record $166 million. Hinton will provide more details during a conference call with analysts slated to begin at 5:30 p.m.
Earlier this year PowerSecure had ballooned to over 500 employees in Wake Forest, Raleigh, Morrisville and other locations. The company did not provide a workforce update in its earnings release.
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