EnerNOC Records First Profitable Quarter as Public Company
By: SGN Staff
Demand response company EnerNOC has reported its first profitable quarter as a public company and yet another record quarter. Revenues in the third quarter of 2009 were $103.1 million, a 134% increase over earnings during the same period in 2008.
"We believe we have reached an inflection point in our business. By nearly doubling our megawatts under management over the past year and continuing to drive operational efficiencies, we were able to eclipse $100 million in quarterly revenue and generate more than a dollar a share in GAAP earnings," said Tim Healy, EnerNOC's chairman and CEO. "We have positioned ourselves to achieve our 2009 objectives and deliver positive GAAP earnings per share in 2010."
EnerNOC's gross profit for the third quarter of 2009 was $26.6 million compared with $18.4 million in the same quarter in 2008â€"an increase of 181%.
The company had considerable success in other areas during the third quarter, including increasing the number of demand response (DR) customers in its DR network, improving its operating leverage, increasing its DR megawatts under management and getting state regulatory approval of a variety of utility initiatives.
EnerNOC provides solutions in DR, energy efficiency and procurement and carbon management. The company has eight corporate offices in the U.S. and one each in the United Kingdom and Ontario, Canada.
Quick Take: This is a bit of a watershed and a great moment of hope for all the other companies in the space that want to go public... a list that grows by the day.
EnerNOC news release