Evergreen… or Nevergreen (ESLR)

February 6, 2009 by Douglas A. McIntyre

Solar_panel_picThe sun is not shining on solar stocks these days. Evergreen Solar Inc. (NASDAQ:ESLR) reported a fourth-quarter net loss of $52.1 million (EPS of -$0.32) on revenue of $44.2 million. Analysts had expected an EPS loss of -$0.14 on revenue of $46.5 million.  Evergreen’s woes are the result of a plant closure, an equipment write-down, and start-up costs on new plants in Massachusetts and Michigan. According to Reuters, the company missed its own fourth-quarter forecasts for revenue and gross margins.

The share price fell in after-hours trading to $1.99, from a closing price of $2.22. The 52-week low for Evergreen was $1.89…. we are currently under that level.

Paul Ausick
February 6, 2009