Pipestone, Minn.-based developer/service provider Juhl Energy kicked off 2015 in style as the company posted top- and bottom-line improvements for the quarter ended March 31.
Total revenue increased 9.4% to $3.4 million for the quarter ended March 31, from approximately $3.1 million last year. Juhl attributes the increase in revenue to growth in engineering consulting services in the utility industry, increased solar installation revenue and the acquisitions of two wind farms in 2014.
Juhl reported a net loss of $545,000, which is a $766,000 improvement from the $1.3 million net loss Juhl posted last year. The decrease in net loss is attributable to higher gross margins along with a reduction in losses incurred by its now-defunct tower services subsidiary.
‘The first quarter of 2015 represents a solid continuation of the steps we took in the last six months of 2014,’ says Dan Juhl, chairman and CEO at Juhl Energy. ‘We wrapped up work on the Oak Tree wind farm and began work on another large project we expect to co-develop in 2015 with a local developer and one of our leading utility partners. In addition, we negotiated terms to acquire another operational 20 MW to 25 MW wind farm in the Midwest. This acquisition is consistent with those we made in 2014 and will add to our Juhl Renewable Asset Inc.'s residual revenue and cashflow.’