Energy Conversion Earnings Push Stock Higher $ENER

blocksup Energy Conversion Earnings Push Stock Higher $ENER

Energy Conversion Devices Inc. (NASDAQ: ENER) shares are seeing a huge rally in today’s trading after the company announced its fourth-quarter and fiscal year 2011 financial results. At last check, Energy Conversion shares were trading 25.70% higher at $0.830, with volume up from daily average of 704,913 to 1.59 million.

Energy Conversion reported total consolidated revenue of $73.1 million for the fourth quarter of fiscal 2011, up from $21.5 million reported in the previous year. The company’s solar product sales for the fourth quarter were $28.9 million, compared with $17.5 million reported in the previous quarter. Its solar system sales for the quarter were $41.3 million, compared with $1.1 million reported in the previous quarter.

Energy Conversion’s solar laminates shipments in the fourth quarter totaled 15.9 MW, compared with 11.4 MW reported in the previous quarter.

The company reported a net loss of $42.1 million, or $(0.84) per share for the fourth quarter of fiscal 2011, compared with a net loss of $243.2 million, or $(4.88) per share reported in the previous quarter.

For fiscal year 2011, the company reported total consolidated revenue of $232.5 million, compared with $254.4 million reported in fiscal 2010. The company’s net loss for fiscal year 2011 was $306.4 million, or $(6.41) per share, compared with net loss of $457.2 million, or $(10.75) per share reported in fiscal year 2010.

Jay Knoll, interim president of Energy Conversion Devices, said that the company’s quarterly increase in shipments and revenue is a step in the right direction as it is starting to see signs of returning growth in key European markets, following two disruptive quarters caused by market uncertainties.