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Retail Supplier Reports Negative Impact From Q1 Weather
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Summer Energy Holdings, Inc., the parent of Summer Energy, reported in a 10-Q that first quarter weather contributed to a wider net loss
In the 10-Q, Summer Energy Holdings said, "During the three months ended March 31, 2018, operating income was negatively impacted by the effects of extreme cold weather when compared to the three months ended March 31, 2017. Weather significantly impacts our residential and small commercial customers and heating and cooling degree days can be used to evaluate the effect of weather on energy usage. The three months ended March 31, 2018 compared to the three months ended March 31, 2017 reflect a lower profit margin, which is a result of continued compressed unit margin caused by the competitive pressures in the marketplace and shifting of the Company’s customer base towards a greater number of commercial accounts than residential accounts which yield lower unit margins."
Net loss for the quarter ended March 31, 2018 was $637,000, versus a net loss of $48,000 a year ago
Gross profit for the quarter ended March 31, 2018 was $4.1 million, versus $3.7 million a year ago
For the quarter ended March 31, 2018, Summer Energy Holdings reported revenue of $34 million, versus $23 million a year ago
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May 16, 2018
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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