EnerNOC (ENOC) reported good earnings results that beat analyst estimates, but the stock is trading down more than 10% most likely due to weaker than expected guidance.  The company reported a non GAAP EPS of $1.81/share vs the analyst estimate of $1.56 on revenues of $162.8 million vs the analyst estimate of $160.8 million.  Those numbers represent quarter over quarter growth of 39% in EPS and 58% in revenues, so a nice quarter.

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CEO Tim Healy commented on the quarter:  “EnerNOC continued to drive robust growth across all of our application suites in the third quarter, resulting in record quarterly revenue and earnings results.  We passed a significant milestone of 5,000 megawatts under management sooner than expected and signed key customer contracts, both important leading indicators of utility, grid operator and C&I customer demand for our energy management applications and services. We believe that we are well positioned to achieve or exceed all of our 2010 objectives.”

This is a company with high expectations as the demand response leader and I suspect the stock is under pressure due to weaker than expected guidance.  The company expects Q4 EPS in the range of ($0.62 – $0.73) vs the analyst estimate of ($0.65/share).  Analysts expected revenues of $29.4 million, but the company is only forecasting $20 – $24 million.

While the technical deterioration today sends the stock back into a base which likely means it needs to retest the $25 level at some point, this still remains an exciting company for the longer haul and will provide a nice entry point once this base is complete.