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.