Evergreen Solar (ESLR) Still Seeing Red, Streak Of Sequential Rev Growth Gone

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11:34:55 pm on February 8, 2010

Evergreen Solar (ESLR) continues to post steep losses and hasn’t come close to a profit in nearly two years now.  After the bell today, the company posted nearly $100 million in losses, but more than half of that was related to a big write off related to the investment in Sovello.  Still, it equates to a .20/share loss after the write down is taken out. 

Adding insult to injury, the company ended the four quarter streak of sequential revenue growth, posting $74.5 million.  That’s a nearly 70% improvement over last year, but less than last quarter’s $78 million.  This is company that needs a shakeup, probably in management.  The cost cutting clearly isn’t working and if they don’t make big improvements soon I think you’ll see them bought out at fire sale prices or bankrupt within a year.  The Massachusetts company is working to move assembly operations to China to cut costs further, but will it be too little too late?   

Shares of ESLR are down about 5% in after hours trading.

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