EverGreen Solar Revenues Surge, but Still Reports a Loss
We’ll know more tomorrow morning, after EverGreen Solar’s conference call. Ahead of the call the Marlboro, Mass.-based maker of silicon wafers for solar panels, released its third quarter results.
Net income for the quarter surged to $77.7 million from $22.06 million, registered over the same time period, a year ago.
Riding the stimulus-driven demand for solar power technology in the U.S. and overseas, EverGreen reported that shipments jumped 35 percent from the prior quarter.
EverGreen was hampered by a $70 million write-down on the company’s Sovello joint venture investment. As a result, net loss for the third quarter of 2009 was $82.4 million compared to $20.3 million in the second quarter of 2009.
EverGreen is moving ahead with the transfer of its Devens, Mass.-based plant to China, which it expects to complete in mid-2010. The move contrasts with the Obama administration’s goal of creating millions of U.S.-based green-collar jobs. But EverGreen says with the price of PV panels down 30 percent over the past year, it needs to relocate to a low-cost production region like China.
