Energy Conversion Devices (ENER) Reports Mixed Results

Energy Conversion Devices (ENER) reported earnings results this morning that were a bit better than expected on the EPS side at .03 share but light on the revenue side, reporting $66 million (vs estimates of $69 million).  Revenues were a bit off from the year ago quarter but the EPS took a significant hit which is not uncommon across the solar sector (unless you’re First Solar).  It was just a few days ago that the company initiated plant closures to cut costs and the CEO acknowledged the difficult times.

Mark Morelli, ECD’s president and chief executive officer said, “The global market continues to be difficult, with the biggest challenge being the sufficiency of project financing and our customers’ continued access to capital. We are actively managing our business through this uncertain period by focusing on demand creation, preservation of capital, and reduction of costs. We are also working more closely with our downstream partners so that we are well-positioned for continued growth as the economy recovers.”

ENER is off about 4% today, but doing a decent job of holding the 50 day moving average despite last weeks plant shutdown’s and the mediocre earnings report this morning.

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