LDK Solar (LDK) is announcing today it is modifying its previous preliminary unaudited financial results for the 4th quarter and fiscal year 2008, to reflect an additional write down of about $87.5 million to its inventories and an additional provision of $12.3 for prepayments to suppliers it may not recover. The modification comes as result of updated info about the estimated net realizable value of LDK’s inventories as well as its suppliers ability to honor … Read the rest
Category Archives: Solar Energy
ReneSola (SOL) Misses Estimates
ReneSola (SOL) missed on both EPS and revenue consensus estimates and the stock is taking a bit of a hit as a result, off about 8% and testing the 50 day moving average. The company reported an earnings per ADS of .04/share, just below estimates of .06 while revenues came in shy of expectations at $107 million vs estimates of $113 million. As we saw with Suntech, the company is doing a good job of … Read the rest
EMCORE (EMKR) In Supply Agreement With Space Systems Loral
EMCORE just announced that it has entered into a supply agreement with Space Systems Loral. Under the agreement, EMCORE will produce high-efficiency, multi-junction PV cells and provide them to Space Systems Loral for use in their spacecraft program. The contract runs from this year until 2014.
In a press release, executives from EMCORE commented on the deal:
Christopher Larocca, Executive Vice President and General Manager of EMCORE’s Solar Photovoltaics Division, stated, "We have been … Read the rest
Suntech Power (STP) Beats On Earnings, Light On Revenues
Suntech Power (STP) is back in the black with improving margins, posting an EPS of .01 share vs analyst estimates of a .06/loss. However, revenues were very light at $315 million, missing estimates of $360 million. It represents the first quarter of negative quarter over quarter revenue growth in company history, so certainly not much reason for optimism on this report outside of the improving margins. The CEO is enthusiastic though, noting that revenues “only” … Read the rest
Class Action Lawsuit Filed Against Akeena Solar (AKNS)
On Monday, one of Akeena Solar’s investors filed a class action lawsuit against the company. The lawsuit alleges that the way Akeena Solar disclosed information about itself violated the law, and potential members of the class include anyone who bought stock in the company from December 26, 2007 through March 13, 2008. Here’s more from a press release about the lawsuit, including the deadlines, contact info, and the rationale behind it:
Deadline: July 17, 2009. … Read the rest
Evergreen Solar (ESLR) To Finance New Plant With $60 Million Public Offering of Common Stock
Evergreen Solar just announced a public offering of its common stock, worth $60 million. Piper Jaffray and Co is the underwriter for the offering, and Evergreen Solar intends to give them a 30-day option to buy an additional $9 million worth of stock.
Per a company press release, the money raised from the offering will be used to finance the plant Evergreen plans to build in Wuhan, China:
Evergreen Solar intends to use the … Read the rest
Suntech Power (STP) Begins 1.5MW Rooftop Solar Project In Jiangsu Province
Suntech (STP) announced today it will build the largest, grid connected rooftop solar system for Jiangsu Province in China which is expected to be completed by October. The 1.5MW rooftop system will be built in collaboration with Jiangsu Guoxin Asset Management Group and be eligible to receive the recently announced subsidy for rooftop solar systems.
”China’s new national solar subsidy should spark the growth of a strong domestic solar market enabling the gradual shift to … Read the rest
JA Solar (JASO) Hammered After Reporting Steep Loss
JA Solar (JASO) is down about 15% ahead of the bell today after reporting a much steeper loss than what analysts had expected. The company reported a quarterly loss of .18/share vs expectations of a .05 loss. Revenues were awful at $34 million which badly missed estimates of $112 million and represented a nearly 80% plunge from the year ago quarter.
“The first quarter of 2009 was the most challenging quarter for JA Solar since … Read the rest
Solarfun (SOLF) Jumping PreMarket On Better Than Expected Results
Solarfun (SOLF) is up nearly 10% in premarket trading after reporting much better than expected earnings results. The company reported a loss .02/share vs the consensus estimates of a .17/share loss on revenues that were right about in line with estimates at $100 million. Considering the loss this quarter was considerably less than last quarters .40/share loss, perhaps the company is beginning to stabilize. However, the quarter represented the first quarter over quarter revenue decline … Read the rest
Collins Stewart Maintains Sell Ratings On Suntech Power (STP) & Solarfun (SOLF)
According to StreetInsider.com, Collins Stewart is maintaining its Sell rating on both Suntech Power (STP) and Solarfun (SOLF) but raising its price targets on both. It’s raising the price target on STP from $6.50 to $10 and raising the price target on SOLF to $3.
Suntech commentary:
Collins analyst says, “Our CY09 forecast calls for STP generate $1.73B in sales and EPS of $0.20, both of which are below the consensus of $1.86B and … Read the rest