Evergreen Solar (ESLR) Still Seeing Red
Evergreen Solar (ESLR) continues to post steep losses and hasn’tcome close to a profit in nearly two years now. After the bell today,the company posted nearly $100 million in losses, but more than half ofthat was related to a big write off related to the investment inSovello. Still, it equates to a .20/share loss after the write down istaken out.
Adding insult to injury, the company ended the four quarterstreak of sequential revenue growth, posting $74.5 million. That’s anearly 70% improvement over last year, but less than last quarter’s $78million. This is company that needs a shakeup, probably inmanagement. The cost cutting clearly isn’t working and if they don’tmake big improvements soon I think you’ll see them bought out at firesale prices or bankrupt within a year. The Massachusetts company isworking to move assembly operations to China to cut costs further, butwill it be too little too late?
Shares of ESLR are down about 5% in after hours trading.
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