Third straight positive week for solar The 20 Solar Stock Index (20SSI) gained just over 6 points for the week but it was enough for a 1.58% rise since last Friday. The Dow hopped about 48 points for about a .5% gain; the NASDAQ actually lost 22 points, slightly over a 1% drop.[More...]

Dow just misses Wednesday's 13-month high... For the second consecutive week the Dow showed strong gains finishing at 10270.47 on Friday, nearly a 2.5% gain. Since Oct. 30 the index has gained a gaudy 558 points. The NASDAQ[More...]

Massachusetts-based Evergreen Solar Inc. (ESLR) reported fiscal third-quarter loss per share of 6 cents, narrower than the Zacks Consensus Estimate of a loss 8 cents. This was less than half as compared to the year-ago loss of 13 cents per share. Earlier, the impact had come from rock bottom average selling prices (ASPs). In the reported [...]

(ESLR) Evergreen Solar’s Loss Narrows

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, stating that ldquo;given the near-term challenges ahead, we no longer have the conviction to recommend putting new money into the stock.rdquo; Bachman downgraded to SECTOR PERFORM. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downside risk is probably minimal at 0.5x price-to-book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Evergreen may need to return to the capital markets late next year to increase debt or add further dilution middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target

Massachusetts-based Evergreen Solar Inc. (ESLR) reported fiscal third-quarter loss per share of 6 cents, narrower than the Zacks Consensus Estimate of a loss 8 cents. This was less than half as compared to the year-ago loss of 13 cents per share. Earlier, the impact had come from rock bottom average selling prices (ASPs).   
 
In the reported quarter, Evergreen improved its manufacturing cost to $2.24 per watt from $2.70 per watt in the second quarter of fiscal 2009. Similarly, wafer manufacturing cost also fell to approximately 75 cents per watt from 85 cents per watt in the second quarter of fiscal 2009.
 
Evergreen clocked revenues of $77.7 million in the reported quarter, compared to $63.8 million in the previous quarter and $22.1 million in the year-ago quarter. Product sales for the quarter were $75.5 million while royalty and fee revenues were $2.2 million. Gross margin rose to 9.7% in the reported quarter from 1.9% in the prior quarter and 5.7% in the year ago quarter.
 
Operating loss reduced to $6 million in the reported quarter from $22.1 million in the year-ago quarter. However, in the reported quarter, the company absorbed a charge of $79.4 million for the write-down of its investment in the Sovello joint venture. As a result, net loss for the reported quarter escalated to $82.4 million from net loss of only $24.6 million in the year ago quarter.
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