Friday, November 6, 2009

"Evergreen Solar says has enough cash" and "Pacific Crest’s Bachman Downgrades Evergreen Solar to SECTOR PERFORM" (ESLR)

UPDATE: "Evergreen Solar Slides; Citi Cuts Rating To Sell (ESLR)"
Original post:
From Reuters:

* U.S. solar co expects to have $115 mln cash before end Q4

* Accelerates strategy to outsource work in China

* Shares up 1.4 pct at $1.44 (Adds analyst comment, background, updates share movement)

LOS ANGELES, Nov 5 (Reuters) - U.S. solar company Evergreen Solar Inc (ESLR) has "significant" cash to meet its operating needs, the company's chief financial officer said on Thursday on a conference call with investors, as the company's shares rose slightly in trading.

The Marlboro, Massachusetts-based company posted better than expected revenue on Wednesday and said it ended the third quarter with $91 million in cash. [ID:nN0444775]

"As you can see, we have significant cash to meet our operating needs," said Michael El-Hillow, the company's CFO....MORE

And from SmallCapPulse:

...Key Takeaways

· Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello

· Downside risk is probably minimal at 0.5x price-to-book

· Evergreen may need to return to the capital markets late next year to increase debt or add further dilution

· Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target


Evergreen Solar to DEC: The crickets must die (ESLR)

Evergreen Solar: Cloudy outlook for Massachusetts's bet on solar energy firm (ESLR)

Solar: "Evergreen Solar to close U.S. module plant: US$70 million write down on Sovello JV" (ESLR)