Citigroup analyst Timothy Arcuri sliced his 2009 EPS estimate to a loss of 2 cents a share, from a profit of 3 cents. For 2010, he now sees a profit of 8 cents, down from 42 cents. For 2011, he sees a loss of 42 cents, down from a profit of 21 cents. Arcuri cut his target price on the stock in half, to $1.50, from $3.00.
Evergreen announced a Q3 loss of 18 cents per share, 80% higher than the loss expected by analysts. Shares rose nonetheless as a reaction to the large selloff on Wednesday.
On the fears of a global recession, tightening credit, and falling (but still high) energy prices, UBS cut Evergreen Solar from "Buy" to "Neutral". Shares fell 8.7%.
In order to raise capital, Evergreen lent Lehman Brothers 30.9 million shares. If Lehman were to go bankrupt, it was supposed to return those shares. It did not, and so is facing legal action. In the meantime, Evergreen's shares have been diluted aprox. 20%.
Evergreen signed a deal with German-based Ralos Vertriebs valued at approximately $750 million for panel deliveries beginning in 2008 and extending through 2013. Combined with another agreement signed last week, the company's backlog has been pushed up to $1.0 billion.
Evergreen Solar Inc said it filed with U.S. regulators to offer 20 million shares.
The company said it expects about $231.9 million in proceeds, which it intends to use to complete the first phase of Devens, its Massachusetts facility, and to plan and construct the second phase of the facility.
Evergreen Solar Inc. shares fell as investors reacted to sharply lower oil prices rather than a positive analyst note that raised its target price. Investors who see solar power as an alternative to fossil fuels sometimes push share prices in conjunction with the contract: less-expensive oil makes the commodity a more viable option.
Silicium de Provence SAS agrees to supply silicon to ESLR for 10 years, securing ESLR in the knowledge that enough pre-paid silicon will be delivered to meet over a gigawatt of production by 2012.
