For the first quarter 2009, revenue fell 43% year over year and 39% sequentially. The drop in revenues resulted from a 11.4% decline in module shipments as well as lower product prices.CEO Harold Hoskens announced his resignation effective June 30.
For the full-ear 2008, SOLF reported net revenue that was $725.4 million, representing a 106.6% increase from 2007. While PV module shipments increased 120% in 2008 and gross profit increased 89% in 2008, gross margin declined from 16.6% in 2007 to .6% in 2008.
Beat the street, but warned of decreasing sales prices
Upgraded to BUY from Hold, 4 stars.
Higher-than-expected Q3 profits and increased guidance for FY 2007 push up Solarfun's shares.