EnerNOC (ENOC) Beats & Raises Guidance

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06:28:27 pm on May 5, 2010

EnerNOC (ENOC) reported results after the bell that were stronger than Wall St forecasts.  The company posted a narrower loss of .41/share vs the estimate of .69/share loss on revenues of $28.1 million which beat estimates by about $2 million.  That’s a nice beat and considerably better than the year ago quarter when the company posted a loss of .48/share.  Revenues increased 53% over the year ago quarter.   I’m not sure the results were strong enough to get the stock breaking out to new highs especially in a deteriorating overall market, but a solid quarter. 

With EnerNOC making most of its money in the 2nd half of the year, we should see some nice profits for the rest of the year beginning next quarter.  The company is estimating profitability for its 2nd quarter which I believe is the first time in company history for Q2.  Guidance is way ahead of analyst expectation at .06 – 18/share vs the estimate of just .01/share.  They have also raised the full year 2010 guidance range to .89 – .97/share while analysts see .91.  So, the Q2 guidance is impressive, but I’m not sure that full year guidance will be enough to send the stock soaring again. 

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CEO Tim Healy commented on the quarter: “The first quarter of 2010 was highlighted by high growth and key strategic wins for EnerNOC.  We delivered the highest quarterly megawatt additions in our company’s history, entered into key agreements for our energy management applications, and drove financial results beyond our expectations. These developments are indicative of the strong, increasing traction of EnerNOC’s capital-efficient demand response and energy management applications aimed at helping businesses and institutions manage and reduce energy costs.”

Shares of ENOC appear slightly higher in after hours trading.  Technically, there is significant resistance around the 200 day moving average 30.  If it can clear that level and clear the April high of 31.19, that would be very bullish. 

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Comments  

your comments are wrong. Those are non-GAAP eps estimates and actuals. they earned (.59) cents a share this qtr not (.41) which is non-GAAP. They are estimating (.08) to .04 share for q2 vs estimates of .01 and .30 to .38 for cal 10 vs estimates of .31

 

Apologies for the confusion. Yes, they are non GAAP numbers which I always use. Sometimes I forget to mention that in the post, but will do so in the future.

 
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