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Another Losing Quarter For Evergreen Solar (ESLR)
For the 2nd straight quarter Evergreen Solar (ESLR) posted a loss, but taking out one time costs of $23 million for the closure of the Marlboro pilot facility, $8 million for the write off of research and development equipment and $9.7 million for facility startup costs at Devens and Midland, the company reported a loss of .07/share, less than analyst expectations of a .14/loss. However, revenues were a bit of a disappointment in the quarter, coming in about 5% below analyst expectations at $44.2 million.
Said the CEO, “We believe that the long-term market prospects for the solar industry are very promising, especially given the significant commitment to renewable energy by the Obama administration. However, like all companies in the industry, we expect that demand for solar products in the first half of 2009 may be materially impacted by both the typical seasonal weakness and the difficult worldwide economic and credit environment.
Some highlights…
- Devens capacity expansion on target for 40MW per quarter by end of next year
- received the certificate of occupancy for string factory in Midland, Michigan and installed/tested 4 reactors
- Midland facility expected to be completed by end of 09 and is expected to produce enough string for Devens facility
- 80MW under sales contracts for shipment in 09
Shares are trading down about 10% after hours.
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