Ener1 (HEV) Up Big Pre-Market After Posting Strong Revs, Margins

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07:37:12 am on March 11, 2011

Shares of Ener1 (HEV) are getting a nice boost in pre-market trading after the company reported much better than expected earnings results last night.  Surprisingly, the company didn’t post its EPS number, but revenues were much better than the analyst estimate of $24.5 million at $33 million (a 200% increase over the year ago quarter).  I’ll update this post with the EPS number as soon as it’s available, but I’d expect it to be much better than estimates as well because gross margins jumped to nearly 26% in the quarter.  That’s a big improvement over the previous quarter gross margin of 10%.

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Here are a few highlights from comments made by CEO Charles Gassenheimer:

– highlight of year was launch of grid energy storage division which is already paying dividends with Russian deals

– making advances in heavy duty transportation market

– sees big opportunity in grid energy storage as well as the bus and heavy duty truck market

Shares of HEV are up nearly 15%  in pre-market trading to around 3.60, but the stock will face some tough resistance around where the 200 day moving average and 50 day moving average converge around 3.60 – 3.75.

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