Does A Tough Quarter For Evergreen Solar And Energy Conversion Devices Mean First Solar Will Follow?
Solar investors probably tossed and turned in their beds last night after reading the quarterly reports for Evergreen Solar (ESLR:NASDAQ) and Energy Conversion Devices (ECD) (ENER:NASDAQ). With both companies reporting revenue declines and larger than expected losses, investors in the solar industry should be a little nervous. And with First Solar (FSLR:NASDAQ) reporting earnings after the market closes on Thursday, it would hardly be a surprise if investors sold a few shares in advance of the report. But would it be a smart move? The solar ribbon manufacturer has been on a decent run from a revenue standpoint having posted 4 consecutive quarters of sequential growth. But that streak came to an end as Evergreen reported revenues of $74.5 million, $3.2 million less than previous quarter. Investors can sooth some of their fears as revenues were up $30.2 million from the same quarter in the previous year, gross margins improved to 11.9% and total manufacturing costs were down to $2.05 per
