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UPDATE 1-EnerNOC Q3 results beat Street, cuts FY profit view
November 8, 2010 / 10:00 PM / 7 years ago

UPDATE 1-EnerNOC Q3 results beat Street, cuts FY profit view

* Q3 adj EPS $1.81 vs est $1.55

* Q3 rev up 58 pct at $162.8 mln vs est $160.8 mln

* Sees Q4 adj EPS $0.62-$0.73; rev $20-$24 mln

* Sees FY adj EPS $0.91-$1.01; rev $277-$281 mln

Nov 8 (Reuters) - EnerNOC Inc ENOC.O, which provides energy monitoring and efficiency services, posted quarterly results above market estimates on higher customer additions, but lowered its full-year profit view.

Demand response businesses of EnerNOC and peer Comverge Inc COMV.O -- which earlier reported a loss [ID:nSGE6A70M4] -- help power utilities and grid operators curb and control peak electricity demand.

EnerNOC sees full-year adjusted profit of 91 cents to $1.01 a share, on revenue of $277-$281 million. [ID:nWNAB0987]

Profit at EnerNOC for the July-September quarter jumped to $43.9 million, or $1.67 a share, from $26.6 million, or $1.12 a share, a year ago.

Excluding items, the company earned $1.81 a share, compared with market estimates of $1.55.

Total revenue at the Boston-based company climbed 58 percent to $162.8 million.

Analysts on an average were expecting the company to post revenue of $160.8 million, according to Thomson Reuters I/B/E/S.

The company’s shares, which have risen 3 percent during the third quarter, closed at $30.56 on Monday on Nasdaq. (Reporting by Krishna N. Das in Bangalore; Editing by Roshni Menon)

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