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Real Goods Solar (RSOL) Surging After Reporting First Profit In 2 Years
While Akeena Solar (AKNS) continues to struggle in the residential solar industry (posted another loss this quarter), Real Goods Solar (RSOL) is back in the black after a nearly two year hiatus. You have to go back to the 2007 4th quarter to find the last profitable quarter and they did it again this quarter. The company posted $200K in profit (.01/share) on revenues of $23 million. Both beat Wall St estimates of a .01/share loss on revenues of $19 million. Traders are bidding up the stock nearly 15% in after hours trading on the news.
The CEO indicated he saw the return of strong demand for residential solar in the quarter and is pleased with the current size of the backlog. The company will host a conference call before the market opens in the morning and will likely give guidance for next quarter at that time.
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