World Energy earnings improve
World Energy Solutions Inc. of Worcester reported revenue growth and narrowed losses in the first quarter, which CEO Phil Adams said points to continued recovery for the energy management services firm.
Revenue increased 10 percent to $9.5 million, the highest-ever recorded figure for the first quarter. That included 7-percent growth in World Energy’s retail product line and 25-percent growth in energy efficiency services due to a reorganization of the Massachusetts sales force, resulting in increased revenue, according to an earnings statement.
The company posted a net loss of $500,000, or 4 cents per share, but that’s improved 48 percent from the first quarter of 2013. The loss included one-time legal costs and other one-time costs related to a shareholder action, World Energy said.
Gross margins also ticked up for the company to 76 percent, up from 74 percent a year earlier, which was attributed to an increase in energy procurement margins, World Energy said.
“The themes we outlined several weeks ago on our 2013 year-end earnings call are playing out as previewed, resulting in Q1 performance that continues a trend of recovery and improvement, highlighted by solid revenue growth and increasing cash generation,” Adams said in a statement.
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