Energy Conversion Devices (ENER) reported a strong quarter this morning, beating analyst EPS estimates by .03/share on on revenues of 95.8 million, more than double from the year ago quarter. Analyst had expected revenues to be just a touch higher at 95.9 million.
The company sees 2Q revenues of 100 – 108 million, compared to estimates of 103.6 and for fiscal 09 sees revenue of 455 – 485 million compared to analyst estimates of … Read the rest
Pacific Ethanol released its third-quarter results today. First, the good news: net sales increased compared to the third quarter 2007, from $118 million to $183 million this year. Now, the bad news: losses increased, too, from $5.9 million or .15/diluted share last year to $54.9 million or .98/diluted share this year.
The increase in losses despite the increase in sales was caused by a number of factors including high corn prices and the company’s … Read the rest
According to StreetInsider.com, Deutsche Bank is downgrading a few solars this morning from BUY to HOLD
– Canadian Solar (CSIQ) cut price target from $36 to $12
– Energy Conversion Devices (ENER) cut price target from $75 to $41
– First Solar (FSLR) cut price target from $200 to $160
– SunPower (SPWRA) cut price target $62 to $45
The first said, “As we assess 2009 we reiterate our view of (1) deteriorating fundamentals … Read the rest
JANCO is upgrading Energy Conversion Devices from Market Perform to Accumulate but cut the price target from $72 to $45
The firm said, “Although not immune to the difficult macro environment, ENER’s focus on BIPV with its flexible substrate thin films should put the Company on a relatively strong footing. While not changing our estimates for FY2009 and FY2010, we are bringing the multiples more in line with the rest of the group.”
Shares up … Read the rest
Yingli Green Energy (YGE) has secured a long term supply of polysilicon from Wacker Chemie which will supply Yingli with enough polysilicon to produce 380MW from 2010 to 2017
“Our business cooperation with Wacker Chemie, established in 2003, has developed over the years on the basis of the two parties’ long-term views of each other and of the PV industry. As of today, we have secured seven mid- to long-term virgin polysilicon supply agreements with … Read the rest
Late yesterday, Raser Technologies (RZ) inaugurated its first commercial scale geothermal power plant (called Thermo) in Beaver County, Utah and the 10MW plant (enough to power 7000 homes) is expected to begin supplying energy to Anaheim. The plant was built in just 6 month using Raser’s revolutionary modular construction design.
Raser is using technology developed by United Technologies (UTX) to generate electricity from underground water at temperatures much lower than other technologies allowing the company … Read the rest
Energy Focus, Inc released promising 3rd quarter results yesterday. Compared to last year, revenues have risen 11%, going from $5.7 million in the 3rd quarter of last year to $6.4 million for the 3rd quarter of 2008. The company reported a net loss this quarter of $1.6 million, or .11 per share, which compares favorably with the 3rd quarter of last year, when they reported a net loss of $3.2 million or .28 per … Read the rest
Toyota released its 2nd quarter financial results today. Net revenues for the first two quarters decreased 6.3% compared to last year, to 12.19 trillion yen. Operating income decreased sharply, falling 54.2% to 582 billion yen. Net income also dropped, falling 47.6% to 493.4 billion yen. Vehicle sales also decreased by 51,000 vehicles compared to last year, with reported sales for the second quarter of 2008 coming in at 4.25 million.
With everything that’s going … Read the rest
Here are some analyst notes in the solar notes that came out during trading today:
* Piper Jaffray downgraded CSIQ from Buy to Neutral, lowered estimates and cut the price target from 30 to 11 on euro weakness and supply chain dislocation
* Piper Jaffray also cut the price target and lowered estimates on Yingli Green Energy (YGE) but maintained their Buy rating. Price target lowered from $26 to $15
* Piper Jaffray cut estimates … Read the rest
GT Solar (SOLR) reported great results again after the bell today, beating analyst EPS estimates by 5 cents a share, reporting .19/share (good for a 110% increase over the year ago quarter). Revenues came in much better than expectations as well at 140.2 million, good for an 84% increase over the year ago quarter. 2008 is expected to be the first profitable year in company history and 2009 is expected to be even better with … Read the rest