UPDATE 1-Comverge posts seventh straight loss, sees low FY sales

Mon Nov 8, 2010 8:00am EST

* Q3 net loss $0.06/shr vs loss of $0.44/shr last year

* Rev up 56 pct, but misses Street view

* Sees FY rev $118-$125 mln vs prev view $125-$137 mln

Nov 8 (Reuters) - Energy management company Comverge Inc COMV.O reported its seventh straight quarterly loss and cut its sales outlook for the full year, citing continuing weakness in revenue from its energy efficiency contracts.

Demand response businesses of companies like Comverge and larger rival EnerNOC Inc (ENOC.O) -- which is set to report results later on Monday -- help utilities and grid operators curb and control peak electricity demand.

Comverge now expects full year revenue of $118-$125 million, compared with its prior view of $125-$137 million.

Analysts expect sales of $134.6 million.

Net loss for the third quarter was $1.4 million, or 6 cents a share, compared with net loss of $9.4 million, or 44 cents a share, last year.

Excluding items, Comverge reported a profit of a cent a share. Analysts were looking for a profit of 2 cents a share.

Revenue rose 56 percent to $51.7 million, but still fell short of estimates of $56.4 million.

Shares of the company, valued at about $188 million, closed at $7.45 on Friday on Nasdaq. The shares have so far fallen over 40 percent from a January year-high. (Reporting by Adveith Nair in Bangalore; Editing by Don Sebastian)

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