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Evergreen Solar (ESLR) Posts Better Than Expected Results As Revenues Surge, But Profits Elusive
There are certainly some things to like about Evergreen Solar (ESLR) and some things.. eh not so much. The earnings results reveal it yet again. This is a company that continues to see revenues surging faster than any other solar company, but they just can’t turn a profit. While margins improved this quarter, they just can’t get the costs down to get profitable.
Taking out the $70 million write down from the Sovello joint venture, the company posted a loss of .06/share (analysts expected .08/share loss) in the quarter on revenues of $77.7 million (analysts expected $74 million). That’s a 252% increase in revenues over the year ago quarter marking four straight quarters of accelerating revenue growth.. but profits still nowhere in sight.
Now it’s just a race to see if they can cut costs quickly enough to stay in business. The company is going to try and do that by moving its panel assembly in Devens, MA to you guessed it.. China. The company will continue to make cells and wafers in the US.
Shares of ESLR are up a couple percent in after hours trading.
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