LDK Solar (LDK) announced this morning a 3 year contract to supply solar wafers to an unnamed US energy company and will supply 90 MW beginning next year. Financial terms were also not disclosed.
“This contract contributes to our strong backlog and demonstrates the continued demand that we are experiencing in the marketplace for our wafers, we are very encouraged by the emerging growth in the North America Market,” said Mr. Xiaofeng Peng, Chairman and … Read the rest
Yingli Green Energy announced that a Chinese subsidiary, Tianwei Yingli, came out on top in bidding contest to supply photovoltaic products to China’s biggest cell phone company, China Mobile Communications Corp. Tianwei Yingli will supply the cell phone company with 1.5 MW worth of PV modules, over 31% of China Mobile Communications Corp’s latest PV purchases. Yingli expects a supply contract with China Mobile Communications Corp to result from the deal, with the details to … Read the rest
Excluding one time items, Cypress Semi (CY) reported earnings in line with what analysts had expected at .30/share but beat analyst revenue estimates of 575 million by reporting revenues of 600 million, good for a 35% increase over the year ago quarter. On a negative note, the company sees Q4 revenues and earnings decreasing more than the standard seasonal decline.
“Looking ahead, we are very cautious, like most companies, about the macroeconomic environment and consumer … Read the rest
Sunpower (SPWRA) reported very good results this morning. Excluding one time items, earnings came in at .60/share vs. the analyst estimate of .56/share on a 61% increase in revenues over the year ago quarter to 377.5 million. Analysts were expecting 350.4 million. The company sees FY08 EPS at 2.34 – 2.41 vs the analyst estimates of 2.23 and for FY09 the company expects earnings of at least 3.50/share with analysts expecting 3.67.
CEO Tom Werner: … Read the rest
As if to provide a large middle finger to FBR analyst Mehdi Hosseini, who yesterday cut the target price of Trina Solar (TSL) in half based on silicon supply shortages, Trina Solar (TSL) is out this morning actually raising its guidance, citing strong sales and distribution of products. The company now expects 3rd quarter revenues in the range of 285 – 294 million, up from a range of 250 -265.
“We expect to strengthen … Read the rest
LDK Solar released an update today describing the progress they have made so far in the construction of their 1000-metric ton polysilicon plant. Expect them to update their 4th quarter production estimates in a separate statement, but here’s where they are as far as building the plant in concerned, according to their press release:
… Read the restEquipment installation for the 1,000 MT annualized capacity polysilicon plant has been completed and plant process commissioning has commenced. To date,
Energy Conversion Devices has announced the location of its new solar cell production plant: Battle Creek, Michigan. Battle Creek was chosen primarily because of the generous incentives they were able to offer .For example, Every Conversion Devices will receive Michigan Business Tax credits valued at $41.4 million over the next 20 years. Including other benefits such as property tax relief and grants to help with training new employees, Energy Conversion Devices is receiving $120 million … Read the rest
Some solar analyst ratings are out this morning with Friedman Billings upgrading both First Solar (FSLR) and SunPower (SPWRA) to Market Perform and price targets of $210 and $65, respectively.
JA Solar (JASO) wasn’t so fortunate, getting a downgrade from Canaccord Adams from Buy to Hold. The stock is off nearly 18% today with heavy volume, erasing yesterday’s move an then some.
Let’s not forget though that it was Canaccord Adams that initiated coverage with … Read the rest
With all the concerns being voiced about the possible impact of the credit crisis on the solar power market, it’s nice to have some good news to report. The stock market as a whole rallied a little bit yesterday, but according to Eric Savitz of Barron’s Tech Trader Daily, solar stocks in particular were "dramatically outperforming" the market as a whole. Many of the major solar players saw their share prices rise with double-digit … Read the rest
I posted earlier about all the negativity surrounding the solar sector, but according to StreetInsider.com Gabelli is going out on a limb and issuing a buy rating and a $90 price target on Sunpower (SPWRA) saying “..centered on technology leadership, SPWRA produces the highest efficiency commercially available solar modules allowing the company to command a premium in the market, the high efficiency leads to a smaller footprint which makes SunPower the preferred choice for … Read the rest