Acorn Energy reported a large increase in sales in the third quarter of 2010 compared to last year as the company benefited from increased orders in many of its business segments.
Acorn Energy said that preliminary unaudited sales for the third quarter of 2010 would be $10.5 million, up 63% relative to the third quarter of 2009. The company will report full financial results early in November 2010.
Although the company saw good growth in sales on a year over year basis, Acorn Energy reduced guidance for sales for the full year 2010. The company had originally forecasted sales to be a minimum of $48 million for the company in 2010. This has now been reduced to a range of $40 million to $44 million.
Acorn Energy said that the reduction in guidance was due to delays in processing existing contracts, and also issues with Coreworx and GridSense contract awards.
Acorn Energy is a holding company that owns equity interests in five different businesses: Coreworx, GridSense, CoaLogix, US Sensor Systems Inc., and DSIT. The company offers services and products that help improve energy efficiency, manage the environmental risk of energy output and reduce the risk of operating energy assets.
For more information on the company, go to www.acornenergy.com
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