Update: Evergreen Solar reports lower than expected EPS, stock drops
Evergreen Solar (ESLR) reported Q3 EPS of (18c), compared with analysts' consensus estimate of (10c). The company's Q3 revenue was $17.8M, versus the consensus of $24.98M. The solar company forecasts that its Q4 EPS will be (8c)-(12c), versus the consensus of (7c). However, Evergreen believes that its Q4 revenue will come in at $45M-$55M, compared with the consensus of $43.1M. Several research firms had very different outlooks on Evergreen after the company released its results and guidance. Kaufman Bros. noted that the company's Q3 operational EPS was only 2c lower than expected. The firm also noted that Evergreen is trading below its book value, and Kaufman expects Evergreen to become profitable by 2Q09. Meanwhile, Stanford still likes the company because of its Quad Ribbon technology, contracted silicon supply, solid backlog, and cash reserves. The firm maintained their Buy rating, but slashed their target to $6. On the other hand, Wedbush downgraded the shares to Hold from Buy to reflect delays at Evergreen's new plant, as well as the credit crisis. Evergreen Solar's stock fell 36c, or 9.30%, to $3.53 in early trading. :the |
