Demand response leader EnerNOC (ENOC) has reported earnings results this morning that beat analyst estimates by a healthy margin. The company reported a non GAAP EPS of $1.96/share vs the estimate for $1.56 on revenues of $169 million vs the estimate for $161 million.
"We had a very strong summer, responding to more than 225 demand response dispatches," said Tim Healy, EnerNOC’s Chairman and Chief Executive Officer. "During the third quarter, we broadened our product … Read the rest
EnerNOC (ENOC) announced a big acquisition last night picking up the largest demand response provider in Australia and New Zealand. The acquisition more than doubles ENOC’s capacity in western Australia to 240MW and marks the company’s entry into the eastern market as well as the New Zealand market for the first time. ENOC will eventually be providing its real time monitoring suite of applications and services to Energy Response clients. The acquisition is expected to … Read the rest
Shares of EnerNOC (ENOC) got a much needed pop (to the tune of nearly 20%)yesterday after the company announced it expects to receive $275 million in revenue in 2014 in the PJM demand response market. The prediction is based on the results of PJM’s 2014/2015 Reliability Pricing Model Base Residual Auction.
"The results of the Base Residual Auction highlight the value of demand response as a cost-effective capacity resource," said Tim Healy, Chairman and … Read the rest
EnerNOC (ENOC) announced yesterday morning that it landed a contract with SoCo Edison to provide its EfficiencySMART application to SCE customers through the end of 2012. As part of the contract SCE will subsidize some of the equipment for commercial customers allowing them to install the equipment and receive data for a year at a greatly reduced cost. The EfficiencySMART systems provide valuable feedback on energy usage to EnerNOC analysts which allow them to make … Read the rest
EnerNOC (ENOC) reported a big quarterly loss after the bell today, but it wasn’t as bad as analysts were expecting in a quarter that is historically weak. The company reported an EPS loss of .67/share (vs the analyst estimate for a loss of .83/share) on revenues of $22.7 million (vs the analyst estimate for $23 million) What concerns me about this quarter is that growth slowed over the year ago quarter. In the year ago … Read the rest
Shares of EnerNOC (ENOC) were hammered late last week after news hit that the COO resigned amid billing concerns related to demand response market manipulation. According to Reuters, the company may have fattened revenues on the books with a loophole known as double counting. It should be noted however, that it is speculation at this point.
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Deutsche Bank noted on Friday that "If EnerNOC is … Read the rest
EnerNOC (ENOC) announced it has entered into a definitive agreement to acquire Global Energy Partners, expanding its existing demand response portfolio. GEP is headquartered in California and employs 55 with customers that include PG&E, So Cal Edison, Bonneville Power and other utilities across the US. The acquisition is expected to close in early 2011 and be accretive to earnings the following year. Financials of the deal were not disclosed.
Shares of Enernoc (ENOC) popped about 10% yesterday on news that it will participate in the UK Power Networks Low Carbon London project which is a three year “smart city” initiative. ENOC will be providing its DemandSMART systems to commercial and industrial users around the city of London. The project will also incorporate the use of electric cars, heat pumps and smart meters.
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“Demand response is … Read the rest
It was announced today that Sears Holdings (SHLD) will use EnerNOC’s (ENOC) EfficiencySMART system to achieve greater energy efficiency at its corporate headquarters which is a 2010 Energy Star rated facility. EnerNOC’s system combines advanced metering and data analysis software to provide insight into energy usage and recommend changes to reduce energy consumption. Sears expects to cut energy costs by about 8%.
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“We’re helping … Read the rest
Here is a briefing of today’s green stocks ratings via Benzinga
Oppenheimer maintained a Perform rating on EnerNOC (ENOC) after the earnings report came in higher than the firms estimates. However, the firm lowered its 2011 estimate from $.91 to $.79. Shares plummeted after the company issued weak guidance, but held key support around the $25 level today.
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Wells Fargo maintained its Market Perform… Read the rest