EnerNOC shares tumble 10 pct

NEW YORK (AP) — Shares of EnerNOC Inc. plunged almost 10 percent in premarket trading Tuesday after the energy services firm missed fourth-quarter financial forecasts and announced its chief financial officer was leaving the company.

EnerNOC, which works with businesses to cut power use on the grid, also is expected to earn less for its services in parts of the eastern half of the country due to a recent Federal Energy Regulatory Commission ruling that limits what it can charge, analysts said.

"There's just a lot of doubt about this company," Ardour Capital Investments analyst Walter Nasdeo said.

EnerNOC, based in Boston, reported Monday that its fourth-quarter losses amounted to $28 million, or $1.08 per share, on revenue of $26.8 million. Analysts were expecting a loss of $1.01 per share on revenue of $28.1 million, according to FactSet.

The company said that CFO Timothy Weller will leave the company at the end of March "so that he may pursue another professional opportunity."

Baird Equity Research analyst Ben Kallo said the FERC decision limits what EnerNOC can charge for services in the PJM interconnection. The decision may not have been what EnerNOC had hoped for, but it settles a dispute that "has put pressure on the stock for over a year."

Kallo increased his estimate for EnerNOC losses this year to $1.53 from $1.44 per share. However, Kallo said he still sees an upside to EnerNOC's business plan and praised its expansion to the United Kingdom and Australia.

An email seeking comment from the company failed to trigger an immediate response.

Shares fell 94 cents, or 9.9 percent, to $8.55 in premarket trading.