Evergreen Solar revenues increase to $36.2 million
Evergreen Solar Inc., a Marlboro-based manufacturer of solar power products, released its Q3 results. The firm noted a 227 percent increase in this quarter's revenues compared to Q3 of 2005, increasing from $11.1 million last year to $36.2 million in 2006.
Evergreen also reported a loss of $0.08 a share, compared to last year when it recorded a loss of $0.07 a share.
Sales from the EverQ factory in Germany contributed $25.4 million to Q3 revenues and it recorded profitability of $2.3 million. The EverQ site reached full production capacity in the most recently completed quarter, and EverQ's second factory, EverQ-2, is expected to reach full capacity at the conclusion of 2007. The newest factory site broke ground in Q3.
In Marlboro, CEO Richard Feldt noted several advancements, including the implementation of a new cell fabrication process that increases cell efficiency to over 14.5 percent, bringing the firm closer to the industry median.
Evergreen expects that the Marlboro plant's quarterly revenues will remain in the $10-$12 million range going into the fourth quarter. The company forecasts that the EverQ site will be in the $20-$25 million range in Q4.
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