U.S. News

Comverge 1Q loss widens on higher costs


Comverge Inc., which makes equipment for managing energy capacity, said Monday that its first-quarter loss widened as costs more than offset a 16 percent gain in revenue.

The company reported a loss of $10.2 million, or 41 cents per share, compared with a loss of $9.1 million, or 43 cents per share, in the same period a year ago.

Revenue rose to $13.4 million from $11.6 million, but costs of products and services jumped 21 percent.

Analysts expected the company to lose 37 cents per share on revenue of $16 million, according to a survey by Thomson Reuters.

Comverge repeated its forecast for 2010 revenue of $125 million to $137 million.

Shares fell 11 cents to $10.98 in afternoon trading.