Thin film solar company, Energy Conversion Devices (Nasdaq: ENER announced increased profits and revenues for its second quarter of fiscal 2009, ending December 31, 2008.
Total consolidated revenues for the quarter were $103.1 million as compared to $95.8 million from the the previous quarter and $56.4 million a year ago. Solar product sales were $97.3 million compared to $89.5 million in the previous quarter and $49.7 a year ago.
The second quarter average selling price for solar products was $2.99 per watt.
Net income for the quarter was $14.2 million or $0.33 per fully diluted share compared to net income of $12.7 million or $0.29 per fully diluted share in the previous quarter and a net loss of $5.4 million or $0.14 per fully diluted share in the year-ago period.
Mark Morelli, ECD’s president and CEO aid, "In light of the overall global economic conditions, we are pleased to report growth in revenues, solar product sales and consolidated gross margin. Our continued focus on operational excellence is paying off as we continue to lower our manufacturing costs and achieve higher gross margin. These ongoing cost-containment initiatives give us confidence in our ability to generate continued earnings growth in the second half of the fiscal year and beyond."
The company gave the following guidance for the fiscal third quarter that will end March 31, 2009.
- Consolidated revenues are expected to be $95 – $110 million.
- Solar product sales are expected to be $90 – $105 million.
- Gross margin on solar product sales is expected to be 34% to 35% and consolidated gross margin is expected to be approximately 35%.
- Pre-production costs are expected to be $1.5 – $2.0 million.
For the full fiscal year ending June 30, 2009:
- Consolidated revenues are expected to be $395 – $440 million.
- Solar product sales are expected to be $375 – $410 million.
- Gross margin on solar product sales is expected to be 34% to 35% and consolidated gross margin is expected to be approximately 35%.
- Pre-production costs are expected to be $7.0 – $9.0 million.
"We are not immune from the global economic downturn and our guidance is subject to a variety of risks, including customer credit availability, timing of project closures and consumer and corporate confidence. We continue to be optimistic about the long-term outlook for rooftop and building-integrated solar PV. We are focusing on improving sales effectiveness and working to drive demand for our products with strategic customers, channel partners, and solar investors. Given current economic conditions, we have adjusted our expectations for the rest of this fiscal year," said Mr. Morelli.
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