UPDATE 1-Comverge posts smaller-than-expected quarterly loss

Thu May 7, 2009 11:16pm BST
 
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*Comverge Q1 shr loss $0.43 vs loss $0.51 estimate

*Revenue rose 11 percent to $11.6 mln

LOS ANGELES, May 7 (Reuters) - Comverge Inc (COMV.O) on Thursday reported a smaller-than-expected quarterly net loss due to strong utility demand for the company's power management services.

The results came a day after Comverge rival EnerNOC Inc (ENOC.O) also reported a narrower-than-expected loss for its most recent quarter and raised its 2009 forecast.

Both companies' demand response businesses pay customers to reduce energy consumption during peak hours when utility supplies are stretched.

Comverge's first-quarter net loss was $9.1 million, or 43 cents per share, compared with a net loss of $8.8 million, or 42 cents a share, a year ago.

Wall Street analysts, on average, had been expecting the East Hanover, New Jersey company to report a loss of 51 cents per share, according to Reuters Estimates.

Revenue was $11.6 million, up 11 percent from $10.5 million a year ago. That was slightly better than the $11.2 million analysts has been expecting.

Before the results were announced, Comverge shares fell 4 percent to close at $7.50 on the Nasdaq. (Reporting by Nichola Groom; Editing by Phil Berlowitz)

 

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