Acorn Energy (ACFN) issued preliminary third quarter revenues and reduced full-year 2010 revenue guidance from a minimum of $48 million to a range of $40 to $44 million. Four out of five Acorn’s companies demonstrated stronger than expected revenues.
CoaLogix reported revenues of $5.5 million (above our expectations of $5.2 million) due to stronger than expected incremental production from the new North Carolina plant, which began operations in the middle of the third quarter. DSIT’s revenues of $3.2 were also above expectations of $2.9 million as were revenues at GridSense and US Sensor Systems. On the other hand, Coreworx appears to be a problem child with revenues of $1.1 million being below expectations of $1.2 million.
We reiterate our Outperform rating, especially since our estimate for total revenues for the 2010 year is at the low-end of management’s revised guidance range.
ACORN ENERGY IN (ACFN): Free Stock Analysis Report
Zacks Investment Research
