Nexxus Lighting (NEXS) Posts Mixed Results, But Narrower Loss

Nexxus Lighting (NEXS) posted mixed earnings results this morning, missing on EPS but beating on the revenue side.  The company posted an EPS loss of .12 vs the analyst estimate of a .10/share loss.  Revenues came in higher than the analyst estimate of $3.15 million at $3.75 million.  On the bright side, the EPS loss was considerably narrower than the year ago loss of .22 and revenues increased 43%.  Sales of the Array line of LED lighting more than doubled over the year ago quarter to $430K and now represents 84% of their business.

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CEO Mike Bauer commented on the quarter: “We are pleased with the Company’s overall sales growth in a challenging economy, as reflected in the fourth consecutive quarterly sales increase.  While sales of our Array products were up significantly year over year, they were roughly flat with the first quarter and below our target. We believe these sales levels reflect the current economic environment as well as the timing of integral LED lamp standards and the resulting delay and timing of utility incentive programs, which are tied to the effective date of these new standards. With the continued development and launch of best in class products, including our new PAR 38, we feel the Company is well positioned as these macro-economic elements begin to improve.”

Shares of NEXS are up about 3% today and continue to look more healthy after bouncing off support around the $2 level.

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