July 24, 2012

Enfield solar firm STR lowers 2Q outlook

Enfield solar manufacturer STR Holdings Inc. now says second-quarter profit due out in two weeks will be toward the low end of its previous projection with revenues sharply lower than estimated.

STR said it expects zero diluted non-GAAP earnings per share but record revenue of approximately $25 million for the second quarter ended June 30.

Previously, earnings were projected to be in the range of zero to 2 cents, with revenue estimated between $31 million to $33 million.

But for its "aggressive cost reduction efforts,'' STR's revised earnings might have fallen into the red due to softer-than-expected demand for its encapsulants used to make photovoltaic cells, CEO Robert S. Yorgensen said in a statement.

Still, largely owing to strong cash flow in the period, the company finished the quarter with an estimated $72 million of cash on hand, Yorgensen said.

Formal quarterly results are due Aug. 8.

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