Evergreen Solar (ESLR) Continues Racking Up Losses, Down 10% AH

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03:51:43 pm on April 30, 2009

Evergreen Solar (ESLR) continues to show why it’s a lagging solar play this afternoon, reporting a whopping quarterly loss of $64.3 million.  Granted much of that was due to one time costs ($43.9 million for write offs from future silicon supplier, $3.5 million for Devens facility startup costs & $1.8 million for closure of Marlboro pilot facility), but this is still a company heading in the opposite direction of profitability.  Taking out one time costs the company did report about in line with estimates at -.09 (consensus called for -.08, while the whisper number called for -.10)  On the bright side the company did more than double revenues from the year ago quarter with $55.8 million, but they just can’t seem to turn that into profits.  Looking ahead to next quarter they believe meeting their production goal of 30MW will be difficult and will likely be closer to 20 – 25MW.  Perhaps once the Devens capacity expansion is up and running they can turn it around, but this is a solar company I’d stay away from for now.

“We still expect to have the capability to produce about 40 MW per quarter at Devens by the end of 2009 and achieve our target manufacturing costs of approximately $2 per watt at that production level,” Mr. Feldt concluded.

The stock is off more than 10% in after hours trading.

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