UPDATE 2-Comverge Q3 loss narrower-than-expected, sees strong Q4

Mon Nov 9, 2009 6:28pm GMT
 
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* Q3 loss/shr $0.44 vs loss/shr est $0.45, rev up 37 pct

* Says on track to meet or exceed full-year goals

* Says Q4 shaping up "very strongly" (Recasts; adds details, comments form CEO interview, updates share movement)

By Adveith Nair

BANGALORE, Nov 9 (Reuters) - Energy efficiency company Comverge Inc (COMV.O) reported a narrower-than-expected quarterly loss, helped in part by strength at its products and services business, and said this would continue into the fourth quarter.

"Our products and services business had its highest quarter ever. This business is really taking off as utilities are making advanced metering infrastructure investments. We see continued growth and expansion in this business (in the fourth quarter)," interim Chief Executive Michael Picchi told Reuters.

For the latest third quarter, the company reported a net loss of 44 cents a share, compared with a loss of $3.85 a share, last year. Sales rose 37 percent to $33.2 million. [ID:nWNAB2769]

"Our third quarter performance kept us firmly on track to meet or exceed our targets for annual growth in megawatts under management and estimated future contract revenue," Picchi said in a statement.

Last week, larger rival EnerNOC Inc (ENOC.O) had said third-quarter revenue nearly doubled, as it reported its first ever profitable quarter, and upped its full-year forecast. [ID:nWNAB1555 ]  Continued...

 

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