First Solar (FSLR) is surging after hours following its earnings report and news of new supply deals totaling 525 MW with Sorgenia Solar, a developer of large scale solar power plants in Italy as well as a few of First Solar’s existing customers including EDF Energies Nouvelles, Ecostream, Juwi and Phoenix Solar. The deals allow for new sales revenue of approximately 800 million from 2009 – 2013
“With strong market growth in Italy we are … Read the rest
Clean Energy Fuels (CLNE) broke through some key support today below $8/share on news the company is selling $35 million in stock to meet needs for working capital and other general purposes which may include expenses related to its Cali LNG plant and future acquisitions.
The CEO stated, “This was a planned step in providing resources to meet our capital expenditure needs and fund the growth of our business. Given the challenging and volatile capital … Read the rest
It’s a big day for First Solar (FSLR). This morning the company announced a 5 year supply deal with Solar City Corp, which calls for FSLR to supply 100MW of its advanced thin film solar modules beginning in early 2009. The deal also includes $25 million in financing to Solar City and marks First Solar’s entrance into the US market.
Solar City is one of the nation’s leading solar installers with operations in California, Arizona … Read the rest
Borg Warner released its 3rd quarter results today, and the earnings report shows that the economic downturn has affected the company’s business. Compared to a year ago, third quarter sales stayed the same at $1,316.9 million. US GAAP earnings were a loss of $1.12 per diluted share, but this is largely because of one-time items. Excluding those one time charges, earnings would have been 44 cents per share. The company has also revised its … Read the rest
Trex (TWP), which makes the Trex brand of decking, fencing and railing using recycled materials announced mixed earnings results this morning and guided estimates lower for next quarter. The company reported an EPS of .44/share vs the estimate of .38/share, but revenues came in a bit on the light side missing consensus estimates by a few million at 85.4 million. The company expects 4th quarter revenue around 30 million which would represent zero growth over … Read the rest
Borg Warner (BWA) is announcing this morning that they expect $2.1 billion in new business (80% coming from Asia and Europe) over the next 3 years despite a horrendous global auto industry. The company is a key player in the auto fuel efficiency revolution with its gas/diesel turbochargers and dual transmission technology driving the company’s growth.
“While the current economic crisis is expected to slow near-term, global auto sales, climate change and fuel economy remain … Read the rest
Kaydon Corp (KDN), the maker of specialty ball bearings for wind turbines reported less than stellar results this morning but managed to hold up reasonably well today, off less than 1%. Undoubtedly, much of the negativity has already been priced into the stock which is down more than 50% in a month. The company reported Q3 EPS of .50/share, .11 below analyst estimates while revenue was about 9 million below consensus estimates at 126.8 million.… Read the rest
Converted Organics (COIN) rocketed nearly 20% today on news that some Northeast Home Depot stores will carry its organic fertilizer for the spring 2009 season.
“The Home Depot® opportunity represents a tremendous chance to expand the availability of high-quality organic fertilizer to consumers,” said Edward J. Gildea, President of Converted Organics. “That The Home Depot® would agree to carry our Lawn and Turf fertilizer is a significant event for Converted Organics. We are completing the … Read the rest
Xcel has reduced the amount paid to consumers and businesses who install solar power systems under its Solar Rewards program. Previously under the program, Xcel would provide a rebate to the consumer for the purchase of Renewable Energy Credits (REC’s) of $2.50 per KW. That amount has changed to $1.50 per KW. Customers still get a state-mandated rebate of $2.00 per KW, so the total amount they receive has decreased 22%, from 4.50 per KW … Read the rest
According to StreetInsider.com UBS is downgrading the following:
– Sunpower (SPWRA) downgraded from Neutral to Sell (down
– Evergreen Solar (ESLR) downgraded from Buy to Neutral and $2.60 price target
– GT Solar (SOLR) downgraded from Buy to Neutral and $4.25 price target
– Energy Conversion Devices (ENER) from Buy to Neutral and $31 price target
Despite the downgrades, all solar names are up premarket with the overall market.… Read the rest