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Energy Conversion Devices (ENER) posted another big loss this morning as the red ink continues to flow. Taking out one time costs for the integration of Solar Integrated Tech, restructuring and inventory write offs, the company still reported a big loss of $25.6 million or a loss of $.56/share which is an increase from last quarter’s loss of .34. Wall St expected a loss of .43/share. On the bright side, the company did show sequential revenue growth and beat Wall St estimates by posting revenues of $52.9 million. That’s still a 50% plunge from the year ago quarter though. While it looks like maybe, just maybe ENER is ready to turn the corner, it may be quite awhile before they’re profitable again.
The CEO made the following comments:
“Our new projects business is gaining traction as demonstrated by our recent announcements, including the new agreement with Enel Green Power of Italy that will be up to 25 megawatts. Additionally, our new PowerTilt™ product is already seeing excellent customer interest even before our expected initial shipments this spring.”
“We are confident in our ability to achieve 12 percent laminate conversion efficiency and less than $0.95 cost per watt.”
“We are encouraged by the early results of the business initiatives undertaken in the second quarter. We’ve signed more than 35 megawatts of new projects and agreements since the end of the quarter, and we expect to build on this momentum in the second half of the fiscal year.
Shares are hanging in there premarket and trading flat.
