Comverge slips after posting Q2 results below the Street and lowering full year revenue guidance
Shares of Comverge, Inc. (Nasdaq:COMV) are veering lower ahead of the open after the provider of peaking and base load capacity solutions to electric utilities, grid operators, and associated electricity markets this morning reported second-quarter net income and revenues that fell short of the consensus on Wall Street and lowered its full year revenue guidance. The firm lowered its revenue outlook due to a regulatory change in grid operator PJM's rules for its economic program, which the company said will result in a reduction in the revenues received under economic, or voluntary, demand response programs.
As a result of this regulatory change, the company also said that approximately $3 million in expected revenues from PES installations completed in the second quarter will not be realized until the third quarter.
Shares lost 8%, or $0.69, to $8.25 ahead of the open. For detailed price information and news stories on Comverge, click COMV.
