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Evergreen Solar Shares Fall on Weak Outlook

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Solar stocks have been down across the board this week, thanks to reports that Spain is considering cutting solar subsidies. Even a bright earnings report from SunPower couldn’t clear those clouds. So when Evergreen Solar said its second-quarter loss widened over the same period last year, investors were in no mood to be forgiving.

Marlboro, Mass.-based Evergreen Solar lost $8.9 million in the latest three-month period, the company said after Thursday’s closing bell, compared with a $7.5 million loss in the second quarter of 2007. Revenues came in at $22.8 million, slightly ahead of analysts estimates, and up $15.4 million the year before.

But it was the company’s third-quarter forecast that prompted investors to send shares of the company down as much as 12 percent in early Friday trading. Evergreen Solar said it expects to post a loss of 10 cents per share on revenue of between $24.5 million and $25.5 million. That was below prior expectations of a loss of 8 cents per share on revenue of $26.5 million.

At last check, shares of the solar firm, which is a joint venture between German solar maker Q-Cells A.G. and Renewable Energy Corp, were down $1.20 to $9.12.

2 Responses to “Evergreen Solar Shares Fall on Weak Outlook”

  1. Jacob Riis

    Evergreen is not a joint venture between Q-Cells and REC

    They do however have a joint venture together in Germany ( in the same town where Q-Cells has its headquarters )

    The company is named Ever-Q and the plan is to make an IPO of that company.