North Coast Solar Stocks

October 27, 2009

Renewable Energy Misses Q3 Sales, Profit, Shares Sink 12.5%

Filed under: none — Tags: , , , , — Jason @ 10:00 am

By Tiernan Ray
barrons.com

Norwegian solar energy firm Renewable Energy Corp. this morning announced Q3 sales and profit below estimates as lower-than-expected volumes of its solar panel technology crimped sales and profit.

Q3 revenue rose 13% to 2.16 billion Norwegian Kroner, roughly $383 million, missing the average estimate of Thomson Financial survey of 2.5 billion Kroner, yielding profit per share, excluding some costs, of .19 Kroner, below the .54 Kroner estimate.

The company noted sales declined 6% from the prior quarter due to lower sales volume owing to “weak demand.” The company was hit particularly in its division that makes multicrystalline wafers, the building blocks of photovoltaic cells. The company had shuttered some production in May in the face of market weakness. The company has resumed the ramp-up of those wafer factories, it said.

Shares of REC, traded on the over-the-counter market, were down 95 cents, or 12.5%, at $6.70. REC shares on the Oslo stock exchange fell about 9%.

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: