Comverge (COMV) Misses Estimates, But Reaffirms Guidance

Comverge (COMV) reported a wider loss of .41/share this morning, 5 cents worse than Wall St estimates.  Revenues were also lighter than what Wall St anticipated at $13.4 million (estimates called for $16 million).  With revenues increasing 16% over the year ago quarter and MW under contract increasing 15% I would have liked to have seen a much better EPS number, so all in all, a disappointing quarter out of COMV which is expecting in first year of profitability in 2011.

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CEO Blake Young commented on the quarter:  “In the first quarter of 2010 we continued to capitalize on the energy management market by securing several new customer contracts and expanding existing ones, building our market share in the high-growth commercial and industrial sector and extending partnerships with key smart grid players.  The customer wins are particularly rewarding because they come from all over the country and comprise diverse programs and services, including a new 3-year agreement with Pennsylvania’s largest utility that makes it one of the state’s first to address Pennsylvania Act 129. These developments are evidence of Comverge’s strong position as a proven provider of comprehensive energy management solutions and set us up for strong growth throughout 2010.”

Shares of COMV are currently trading flat buoyed by strength in the overall market as well as a reaffirmation of revenue guidance for the full year.  The company sees revs in the range of $125 – $137 million.

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