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.