Demand response leader EnerNOC (NASDAQ:ENOC) reported earnings results this morning that beat analyst estimates by a healthy margin. The company reported a non GAAP EPS of $1.96/share vs the estimate for $1.56 on revenues of $169 million vs the estimate for $161 million.
"We had a very strong summer, responding to more than 225 demand response dispatches," said Tim Healy, EnerNOC’s Chairman and Chief Executive Officer. "During the third quarter, we broadened our product portfolio and geographic footprint, which now includes 230 megawatts of instantaneous demand response in Alberta, Canada and New Zealand. We also established our leadership in Australia through one of our largest acquisitions to date. These results are strong indicators that demand response is becoming an integral resource in electricity markets throughout the world and that we are at the forefront of this important activity."
Looking ahead, EnerNOC expects full year 2011 revenues to be in the range of $282.5 million to $297.5 million and a non-GAAP net income per share in the range of $0.28 to $0.53.
Shares are trading about flat this morning and remain quite weak overall. The stock continues in a firm downtrend of several months and is still looking for a breakout move with volume above the 50 day moving average to signal that the downtrend may be complete. This is another green stock that has been hammered and may be close to bottoming.