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Akeena Solar (AKNS) Lowers 08 Growth Forecast
Due to delayed installation at a few large commercial project, Akeena Solar (AKNS) is cutting its 2008 annual revenue growth estimate from 30 – 40% to 25 – 20%.
“As several large commercial projects got underway during the quarter, our customers encountered construction management issues that caused the solar installation phase to be pushed out into early 2009,” said Barry Cinnamon, president and chief executive officer. “In contrast to the lumpiness of the commercial business, residential installations generally remain on schedule, and new residential project bookings are meeting our expectations as the benefits of our Andalay technology continue to gain recognition. With the economic benefit to customers from the passage of the ITC, we still expect to see a rise in demand in 2009 for residential and commercial projects and to reach cash flow break even in the second half,” concluded Cinnamon.
As further evidence that the majority of the bad news is already priced into solar stocks, AKNS is trading off the morning lows and up over 5% but continues to trade under $2/share.
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