Energy Conversion Devices (ENER) Beats On Earnings

Posted by Tate Dwinnell | # |
10:11:07 am on November 10, 2008

Energy Conversion Devices (ENER) reported a strong quarter this morning, beating analyst EPS estimates by .03/share on on revenues of 95.8 million, more than double from the year ago quarter.  Analyst had expected revenues to be just a touch higher at 95.9 million.

The company sees 2Q revenues of 100 – 108 million, compared to estimates of 103.6 and for fiscal 09 sees revenue of 455 – 485 million compared to analyst estimates of 467 million

Mark Morelli, ECD’s president and chief executive officer, said, “Fiscal 2009 is off to a strong start and demand continues for UNI-SOLAR products from our target markets in Europe, Asia and the US. We recognize that there are new challenges in the present environment, and we are actively managing our business model accordingly.

Shares are off 5% today as the stock attempts to carve out the bottom of a new base.

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