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Energy Conversion Devices (ENER) Beats, Cuts 09 Revenue Estimate
Energy Conversion Devices (ENER) continues on the path of growth but like the rest of the industry isn’t immune to soft estimates for this year. The company reported a profit of .33/share which beat estimates of .31/share and is a big improvement over the year ago quarter in which the company posted a loss of .08/share. Revenues nearly doubled over the year ago quarter to $103 million and also exceeded estimates by a bit.
For next quarter the company expects revenues in the range of $95 – $110 million vs estimates of $120 million. Full year 09 estimates are on the soft side as well projected at $395 – $440 which compares to previous estimates of $455 to $485. Analysts expect revenues in the $450 million range.
ENER shares are off about 3% in premarket trading.
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