EnerNOC (ENOC) Tops Q3 EPS Views; Boosts Outlook; Updates on Demand Response Portfolio in Korea
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EnerNOC (NASDAQ: ENOC) reported Q3 EPS of $0.65, $0.57 better than the analyst estimate of $0.08. Revenue for the quarter came in at $167.8 million versus the consensus estimate of $148.49 million.
EnerNOC also announced that its demand response portfolio in Korea surpassed one gigawatt—roughly equivalent to the amount of power generated by a nuclear power plant.
EnerNOC entered the market in late 2014, following legislation earlier that year that introduced demand response into the country’s wholesale capacity market. Since establishing operations in Korea, EnerNOC has become the preferred demand response provider to some of the region’s largest enterprises, public institutions, and universities, including S-Oil, COEX, Korea University, and Seoul City Government.
“We partnered with EnerNOC because they’re the world’s leader in demand response. They have the experience we rely on to ensure that we can participate in demand response without compromising our operations,” said JaeHee Kang, Facility Manager at Korea University.
Demand response has grown rapidly in Korea, propelled by the government’s strong commitment to creating a sustainable and competitive market and EnerNOC’s ability to leverage its industry-leading technology and experience to scale quickly.
“Korea relies on fuel imports to meet nearly 100% of its electricity needs. Demand response gives the Korean government increased flexibility to meet demand in a clean, cost-efficient way, with a reliable domestic energy resource, while at the same time allowing Korean businesses to use their flexibility to earn valuable new revenue streams,” said David Brewster, President, EnerNOC.
“Our success in Korea has been instrumental in stimulating interest throughout Asia. We’re excited about the emerging opportunities we see on the horizon to make DR a more integral part of the resource mix throughout the region,” added Brewster.
EnerNOC sees Q4 2016 EPS of ($1.29)-($1.09), versus the consensus of ($1.47). EnerNOC sees Q4 2016 revenue of $40-50 million, versus the consensus of $55.4 million.
EnerNOC sees FY2016 EPS of ($1.99)-($1.79), versus prior guidance of ($2.95)-($2.60) and the consensus of ($2.80). EnerNOC sees FY2016 revenue of $394-404 million, versus prior guidance of $370-400 million and the consensus of $390.0 million.
For earnings history and earnings-related data on EnerNOC (ENOC) click here.
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