World Energy Reports 51 % Revenue Jump
Worcester-based World Energy Solutions reported a 51-percent increase in revenue in its third quarter, a record for the company.
Revenue for the quarter ending Sept. 30 was $8.5 million, up from $5.6 million in the same period in 2011, according to an earnings report from the energy management firm. Year-to-date revenue growth was even higher, at 63 percent year over year, totaling $24.7 million.
The company attributed the gains to recent acquisitions, as well as increased auction activity in its retail product line.
World Energy CEO Phil Adams pointed to the company's latest acquisition of Connecticut-based Northeast Energy Partners LLC as key to the company's recent success.
"I am particularly proud of our results given the recent rise in energy prices and some deals that pushed into (the fourth quarter). Our efficiency team had excellent growth, and together with our newest acquisition, NEP, we see significant opportunity to cross-sell in Connecticut and Massachusetts," Adams said.
At the same time, net income for World Energy showed a marked decrease in the third quarter, totaling $365,035, down from $855,144 in the same period in 2011.
Dan Mees, vice president of corporate communications at World Energy, said in an e-mail the company received a one-time upfront payment from an energy supplier in the third quarter of 2011, which skewed results to the upside that quarter, and explains the net income decrease this year.
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