Evergreen Solar 3Q Loss Narrows,Signs Pact With PowerLight
DOW JONES NEWSWIRES
November 4, 2005 9:00 a.m.
MARLBORO, Mass. -- Evergreen Solar Inc.'s (ESLR) third-quarter net loss narrowed, helped by a jump in revenue of 87%.
Separately, the company signed an agreement with PowerLight Corp. to ship a minimum of $70 million of photovoltaic modules to PowerLight over the next five years.
The contract has defined options that could increase the value of the shipments to about $170 million. The shipments are scheduled to begin during the first half of 2006.
PowerLight is a developer of solar electric technologies.
In a press release Friday, Evergreen Solar, a manufacturer of solar power products, said the net loss narrowed to $4.56 million, or 7 cents a share, from a net loss of $4.61 million, or 10 cents a share, a year earlier.
On average, analysts predicted a loss of 9 cents a share, according to Thomson First Call.
Evergreen Solar's third-quarter revenue climbed to $11.1 million from $5.97 million.
Wall Street predicted average revenue of $10.6 million.
The company said demand for solar energy continues to grow and is expected to exceed supply for the foreseeable future.
Evergreen Solar will host a conference call at 10 a.m. EST to discuss results. |
