Zoltek (ZOLT) Reports Earnings: "Fundamentals of Wind Energy Extremely Solid"

Posted by Tate Dwinnell | # |
12:01:05 pm on December 2, 2008

Zoltek (ZOLT), provider of carbon materials that go into the manufacturing of wind turbines reported results this morning that beat analyst estimates by .02/share when excluding a one time legal fee charge.  The company reported earnings of .22/share (10% below the year ago quarter) on revenues of 51 million, which was good for a 17% increase over the year ago quarter.

CEO Zsolt Rumy stated, “The fundamentals of alternative energy generally — and wind energy in particular — are extremely solid, with strong support from governments in Europe, Asia and North America. Wind energy has been growing at an average rate of 25% to 35% a year over the past several years, even when oil was selling for as little as $30 per barrel. We see no dramatic change in the outlook for 2009 and beyond. This business is predicted only to get bigger.”

ZOLT is trading down again today by about 4% and remains mired in a long downtrend.

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