World Energy, awaiting sale, sees 13% revenue jump
World Energy Solutions of Worcester, which last week announced it has agreed to be sold to a Boston firm, reported a 13-percent jump in revenue in the third quarter while cutting its net losses to near break-even.
The company, in announcing its quarterly results late Monday, took in $9.9 million during the quarter, which ended Sept. 30. The increase was propelled largely by a 49-percent jump in its energy efficiency business, helped by a rebuilding of the company’s Massachusetts sales team, which brought in more business and increased the average project size, according to a statement from World Energy. Meanwhile, the company’s energy procurement side saw a 6-percent increase in revenue.
Last week, World Energy announced it has agreed to be acquired by EnerNOC Inc., a Boston-based energy intelligence software firm, for $76 million. EnerNOC said the deal is expected to be complete in the first quarter of 2015.
“This is clearly an exciting time for World Energy as evidenced by our strong quarterly performance and the recently announced agreement with EnerNOC,” World Energy CEO Phil Adams said in a statement. The third-quarter results “underscore the strength of our business model, which reliably generates profit and cash.”
Meanwhile, the company cut its net quarterly loss to $149,000 from $592,000 in the third quarter of 2013.
For the first nine months of 2014, revenue is up 14 percent over last year, to $28.8 million.
Founded in 2001, World Energy, based in downtown Worcester, employs more than 100.
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