Sidney Hinton, chief executive officer of PowerSecure (Nasdaq: POWR), minced no words when describing the Wake Forest-based company’s latest financial quarter – and showing thus far this year.
“We are having a terrific 2012,” Hinton said in the latest earnings report for the power technology company on Monday.
“Each of our product and service areas is showing strong growth, driving our profit increases, and our backlog is a record $166 million.
“Additionally, our gross margins increased 3.4 percentage points sequentially, and 1.3 percentage points over last year.
“We are in great position for the second half of 2012 and 2013.”
Earnings improved to a 3-cent per share profit after one-time and other expenses from a 3-cent loss a year ago. Revenues increased to $37.9 million from $30.1 million in the same quarter of 2011.
Earnings topped Wall Street expectations by 1 cent.
PowerSecure’s revenue backlog, meanwhile, grew to $166 million from $155 million at the end of the previous quarter.
“We continue to be very focused on translating our top-line success to bottom-line E.P.S. results, and leveraging the incremental operating expenses we have invested in to drive our business forward,” Hinton added. “I am pleased to report that in our second quarter our operating expenses decreased 2.5 percentage points as a percentage of revenue.”
Its distributed generation product line revenues grew by 27 percent, and utility infrastructure revenues grew 12 percent. Meanwhile, energy efficiency sales swelled 51 percent. (See graphic accompanying this story.)
The company, which moved to Wake Forest from Colorado in 2007, provides a variety of power supply solutions for load management and emergency needs, smart grid technology, as well as consulting services.