US Evergreen Solar cuts Q3 2010 loss

(ADPnews) - Nov 3, 2010 - US solar products maker Evergreen Solar (NASDAQ:ESLR) trimmed net loss to USD 27.2 million (EUR 19.5m) in its third quarter to October 2 from USD 82.7 million over the same period last year.

The year-earlier result included charges related to the company's equity interest in solar wafers maker Sovello AG, which was divested in April.

"Demand for the high quality and performance of Evergreen Solar panels continues to be strong. As such, we expect shipments in the fourth quarter to be in the range of about 48 megawatts," CEO Michael EL-Hillow said on Monday, commenting on the results.

Revenue rose to USD 86.5 million from USD 77.7 million as the company boosted shipments of its products.

Output of the Devens plant in the reported period surpassed its target of 40 MW per quarter, and the Wuhan plant in China, which started operation in September, produced 3.4 MW of panels, Evergreen said.

Shipments increased 42.6 MW from 39.8 MW in the previous quarter while manufacturing costs fell to USD 1.88 per watt from USD 1.94 in the second quarter. The average selling price fell to USD 2.02 per watt from USD 2.04 in the second quarter.

(USD 1 = EUR 0.717)

Choose your newsletter by Renewables Now. Join for free!