US Satcon net loss narrows in Q3 2010

(ADPnews) - Oct 29, 2010 - US photovoltaic (PV) systems firm Satcon Technology Corp (NASDAQ:SATC) saw its net loss narrow to USD 1.6 million (EUR 1.15m) in the third quarter of 2010 from USD 8.6 million a year before.

Loss per share declined to USD 0.02 from USD 0.12, the company said in a statement on Thursday.

The company swung to an operating profit of USD 1.7 million from an operating loss of USD 7.3 million a year earlier.

Gross margin was in line with forecasts at 27%, up from 21%.

Revenue for the period jumped to USD 58.4 million from USD 10 million previously, surpassing the company's guidance of USD 56 million-58 million.

In the nine months through September, net loss narrowed to USD 17.3 million from USD 27.6 million. Revenue reached USD 100.7 million, up from USD 31 million.

Nine-month bookings amounted to USD 200 million, or more than 800 MW of orders, 54% of which came from the North American market, 29% from Europe and 17% from Asia Pacific.

On October 27, Satcon's order book stood at USD 132.6 million. "Given the continued strength of the utility scale market, coupled with our robust revenue growth and current backlog and pipeline, we continue to believe that we will acquire 20 percent of the global market for (photovoltaic) inverters at 250 kilowatt and above in 2011," Steve Rhoades, president and CEO, said.

Revenue for the fourth quarter is seen at USD 70 million-75 million, while gross margin is expected to reach 28% to 32%. The company said it expects revenue for the first three months of 2011 to remain unaffected by seasonality, given its solid bookings pipeline and diversified geographic coverage.

(USD 1 = EUR 0.720)

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