Energy Conversion Devices (ENER) Reports Mixed Results
Energy Conversion Devices (ENER) reported earnings results thismorning that were a bit better than expected on the EPS side at .03share but light on the revenue side, reporting $66 million (vsestimates of $69 million). Revenues were a bit off from the year agoquarter but the EPS took a significant hit which is not uncommon acrossthe solar sector (unless you’re First Solar). It was just a few daysago 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, “Theglobal market continues to be difficult, with the biggest challengebeing the sufficiency of project financing and our customers’ continuedaccess to capital. We are actively managing our business through thisuncertain period by focusing on demand creation, preservation ofcapital, and reduction of costs. We are also working more closely withour downstream partners so that we are well-positioned for continuedgrowth as the economy recovers.”
ENER is off about 4% today, but doing a decent job of holdingthe 50 day moving average despite last weeks plant shutdown’s and themediocre earnings report this morning.
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