Applied Materials (AMAT) is trading down after hours after reporting no profits which was in line with analyst estimates on revenues of 1.33 billion, a touch below estimates. That compares with a .25/share profit in the year ago quarter.
“We acted early and decisively to reduce costs in line with economic conditions that have resulted in an unprecedented decline in demand,” said Mike Splinter, president and CEO. “With our leading technology and strong balance sheet, … Read the rest
Yingli Green Energy (YGE) posted flat earnings growth over the year ago quarter with a non GAAP EPS of .15/share in the latest quarter on revenues of 258 million (about a 25% increase over the year ago quarter.
YGE reaffirms that its PV module shipment target is expected to be in the estimated range of 550 MW to 600 MW for fiscal year 2009, which represents an increase of 96.1% to 113.9% compared to fiscal … Read the rest
According to StreetInsider.com, Citi is out maintaining it’s HOLD rating on Evergreen Solar (ESLR) but cut the price target from $6 to $3.
Says Citi:
“We applaud ESLR’s new strategy to focus on its competitive advantage making wafers that use less silicon. But even with much lower capital intensity, it still faces a tradeoff between slowing capacity expansion to preserve cash or gunning it, hoping to raise money. While this move makes this stock … Read the rest
Energy Conversion Devices (ENER) continues on the path of growth but like the rest of the industry isn’t immune to soft estimates for this year. The company reported a profit of .33/share which beat estimates of .31/share and is a big improvement over the year ago quarter in which the company posted a loss of .08/share. Revenues nearly doubled over the year ago quarter to $103 million and also exceeded estimates by a bit.
For … Read the rest
According to PV-Tech.org, Evergreen Solar is considering outsourcing some of its production to Asian subcontractors to cut costs. This move would allow Evergreen to address its current backlog in orders and move forward with expansion plans while reducing its need for capital.
Evergreen Solar’s President and CEO commented on the possibility of outsourcing during the company’s 4th quarter earnings call:
… Read the rest“Using a subcontractor would significantly reduce our need for expansion capital, while allowing us to
Analysts are out with a few notes this morning – an initiation of coverage on American Superconductor (AMSC) with a BUY and a downgrade of Evergreen Solar (ESLR) to NEUTRAL.
According to StreetInsider.com, Piper Jaffray downgraded ESLR to Neutral for the following reasons:
– rapidly losing polysilicon cost advantage
– low visibility in financial impact of outsourcing production to Asia
– minimal balance sheet flexibility for pursuing expansion in Asia
Broadpoint AmTech Initiates Coverage … Read the rest
TradingMarkets.com is reporting that a group of Chinese solar power companies has presented a plan to the Chinese Ministry of Science to try to drop the cost of producing solar power to 1 yuan/KWH within two years. Particpants in the plan include Solar Power Technologies, Trina Solar, Canadian Solar Inc, LDK Solar and Solarfun Power Holdings Co.
According to TradingMarkets.com,
… Read the restAn industry insider said it’s feasible to carry out the plan, which combines companies
For the 2nd straight quarter Evergreen Solar (ESLR) posted a loss, but taking out one time costs of $23 million for the closure of the Marlboro pilot facility, $8 million for the write off of research and development equipment and $9.7 million for facility startup costs at Devens and Midland, the company reported a loss of .07/share, less than analyst expectations of a .14/loss. However, revenues were a bit of a disappointment in the quarter, … Read the rest
Solars and Sunpower (SPWRA, SPWRB) are rallying today following a headline Barrons piece, calling Sunpower (SPWRA) a best of breed solar company “starting to see a new dawn” that can survive and grow despite an extremely difficult economic environment.
The article points out that SunPower has an advantage in estimating demand because of its large network of dealers, will benefit from the upcoming utility tax credits for renewable energies and features the most efficient solar … Read the rest
Newport Corporation has announced that last year’s sales figures demonstrated a massive expansion into the photovoltaic equipment market, with orders to PV manufacturers increasing by 150%, to $33.6 million.
According to ,
… Read the restSolar equipment sales totalled US$21.0 million in 2008, compared with US$9.3 million in 2007. Fourth quarter sales to PV manufacturers reached US$5.9 million, while orders received totalled US$3.2 million.
Robert Phillippy, President and CEO of Newport noted in the call that access to