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Solarfun (SOLF) Beats On EPS But Revenues Light
Solarfun (SOLF) reported an EPS before one time provision adjustments of .16/share which represents a decline in growth over the year ago quarter for the first time in a few years but did beat low analyst expectations of .14/share. Quarterly revenue came in at $187.8 million, good for an 88% increase over the year ago quarter but a bit below analyst estimates of 195 million. The company sees Q4 shipments to be at or slightly below the low end of its previously stated guidance of 175 to 190 mw.
The CEO commented that a shortfall in polysilicon supplies constrained their ability to fulfill customer demand
Harold Hoskens, CEO of Solarfun, commented on the impact of the financial crisis. “Although current global economic and financial conditions remain uncertain, and we are not immune to these factors, we are maintaining a high degree of optimism in our ability to compete and grow in what we believe is undeniably a burgeoning market in the long-term as renewable energy continues to grow in acceptance. These macro conditions have impacted, and will continue to impact, the demand and pricing for photovoltaic-based solar products. However, we believe that the rapidly declining costs for polysilicon, combined with our low-cost manufacturing base, increasingly vertically integrated production process, customer loyalty and financial stability, will allow us to weather this environment and emerge as a stronger and viable long term player.
After opening down on the news, the stock recovered quickly and is currently trading up about 3%. This looks to be another example of the bad news already built into the stock.
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