PowerSecure jumps 10% following earnings beat, revenue surge

PowerSecure International (POWR +10.2%) surges to a new all-time high following a strong Q4 earnings beat on a 57% surge in revenue, driven by gains in its energy efficiency and utility infrastructure businesses.

Revenue backlog stands at an all-time high of $248M; operating margin decreased to 4.8% vs. 6.7% in the year-ago quarter, driven by the decrease in gross margins and partially offset by a decrease in operating expenses as a percentage of revenues.

POWR is upgraded to Buy from Hold with a $30 price target at Maxim Group, which cites the record backlog, its pipeline of opportunities and expectations for margins to gravitate higher throughout 2014-15; Baird raises its price target to $29, also citing expected margin expansion.

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