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UPDATE 1-Comverge posts wider-than-expected Q1 loss
May 10, 2010 / 11:56 AM / in 7 years

UPDATE 1-Comverge posts wider-than-expected Q1 loss

* Q1 shr loss $0.41 vs est loss of $0.37

* Q1 rev up 16 pct, but misses estimates

* Backs FY rev view of $125 mln to $137 mln

May 10 (Reuters) - Comverge Inc COMV.O reported a wider-than-expected first-quarter loss, but the energy efficiency company stood by its full-year revenue view.

For the latest first quarter, the company reported a loss of $10.2 million, or 41 cents a share, compared with a loss of $9.1 million, or 43 cents a share, last year.

Revenue rose 16 percent to $13.4 million. Total cost of revenue for the quarter was up 21 percent.

Analysts were looking for a loss of 37 cents a share, on revenue of about $16 million, according to Thomson Reuters I/B/E/S.

Comverge also backed its full-year revenue view of $125 million to $137 million. Analysts are currently looking for revenue of $134.9 million for the period.

Last week, larger rival EnerNOC Inc ENOC.O reported a narrower-than-expected adjusted loss and increased its full-year revenue and profit view. [ID:nWNAB6780]

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

Comverge shares, which have risen nearly 50 percent from a May 2009 year-low, closed at $11.09 Friday on Nasdaq. (Reporting by Adveith Nair in Bangalore; Editing by Unnikrishnan Nair)

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