Oct 27, 2011 - US solar systems provider Westinghouse Solar (NASDAQ:WEST) saw its third-quarter net loss shrink to USD 823,000 (EUR 582,000) from USD 6.2 million a year ago as revenue grew and total expenses decreased.
Loss from operations shrank to USD 1.6 million from USD 2.3 million as total operating expenses declined to USD 1.9 million from USD 2.6 million, the company said today.
Gross margin fell to 8.4% from 14.7% due to reduced prices during the quarter.
Revenue rose 57% on the year to USD 3.4 million, driven by growth of the distribution network, increased revenue from strategic partners and more competitive pricing, the company said.
Westinghouse Solar expects 20-40% quarter-on-quarter growth in fourth-quarter revenue and full-year revenues of USD 12 million-13 million. Gross margin in the fourth quarter is seen at 12-15%.