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

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%.

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