PowerSecure International, the Wake Forest energy services company, reported a record second quarter as revenues increased 85 percent to $70.2 million.
Per share earnings increased to 11 cents, up from 9 cents a year ago. That equaled the consensus of Wall Street anaysts who cover the company.
PowerSecure also reported a record backlog of $245 million, an indication of future sales.
“Our record second quarter results and all time high backlog illustrate the continued momentum we are seeing across our business as we deliver differentiated, best-in-class solutions to our customers,” CEO Sydney Hinton said in a statement.
Hinton said two of the company’s recent acquisitions – Lime Energy and Solais – immediately began contributing revenues during the quarter. PowerSecure paid $15 million for the Solais lighting brand in May, which generated $1.6 million in revenues during the second quarter. The company acquired Lime Energy, a Huntersville company that sells energy efficiency services to government agencies and businesses, in March.
It added $12.3 million to PowerSecure’s revenues in the second quarter.
PowerSecure has several lines of business: high-efficiency lighting, solar-panel installations, emergency power generators and utility infrastructure. The latter involves building substations, distribution lines and transmission systems, and providing engineering work to electric utility companies.
PowerSecure shares closed Thursday at $15.97, down 13 cents. The stock is up 103 percent this year.