Active Power (ACPW) Monday swung to a second-quarter profit, driven mainly by more-than expected revenue growth. The company detailed its third quarter earnings figure above current estimates. Shares of Active Power rose over 7 percent in after hours on the Nasdaq.
Net income for the quarter was $0.5 million or about $0.01 per share, compared to a loss of $1.4 million or $0.02 per share in the same year-ago quarter. Analysts polled by Thomson Reuters expected loss of $0.01 per share for the quarter. Analysts' estimates typically exclude one-time items.
Second-quarter revenues grew 13 percent to $21.7 million from $19.2 million last year. Analysts estimated revenues of $20.73 million for the quarter.
Looking forward, Active Power expects third-quarter loss of $0.03 to $0.01 per share and revenues of $17 million to $20 million. Analysts currently estimate loss of $0.01 per share on revenues of $23.59 million for the quarter.
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