Home
Evergreen Solar (ESLR) continues to post steep losses and hasn’t come close to a profit in nearly two years now. After the bell today, the company posted nearly $100 million in losses, but more than half of that was related to a big write off related to the investment in Sovello. Still, it equates to a .20/share loss after the write down is taken out.
Adding insult to injury, the company ended the four quarter streak of sequential revenue growth, posting $74.5 million. That’s a nearly 70% improvement over last year, but less than last quarter’s $78 million. This is company that needs a shakeup, probably in management. The cost cutting clearly isn’t working and if they don’t make big improvements soon I think you’ll see them bought out at fire sale prices or bankrupt within a year. The Massachusetts company is working to move assembly operations to China to cut costs further, but will it be too little too late?
Shares of ESLR are down about 5% in after hours trading.
