STR Holdings (STRI) Hit Another All Time Low On Cautious Comments: “Solar Demand Hasn’t Recovered”

After the bell yesterday STR Holdings (STRI) announced it expects revenues in line with previous announced forecasts, but cautioned that non GAAP EPS could be a few cents lower than previous thought and is withdrawing its previously published annual guidance.  The company will announce official results Nov 2nd and at that time will issue full year guidance. 

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“As we advised during our second quarter earnings conference call, our guidance was based on expectations for increased demand due to a number of factors including increased demand generated from the clearing of solar panel inventory, a restoration of project financing in Europe, decreased module ASPs and a pull-in effect in advance of feed-in tariff reductions in Germany,” said Barry A. Morris, Executive Vice President and Chief Financial Officer. “We were not alone in this view. However, as has been widely reported, demand for solar modules has not yet recovered,” Morris said.

It’s no surprise then that shares of STRI hit another all time low in early trading this morning and hasn’t yet indicated that the dramatic downtrend is finished.  A big reversal off the lows today could however indicate that a bottom is close. 

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