Top Stock Watch: ENER Gains on Lower-than-Expected Losses and Increased Revenue

Energy Conversion Devices Inc. (NASDAQ: ENER) a leader in the design, manufacturing, and sale of photovoltaic (PV) products today reported a wider fourth-quarter loss than in the same quarter one year ago, however in an interesting twist that benefited shareholders the reported loss was less than Wall Street analysts had projected, and the company also beat analysts’ revenue predictions, posting almost a 70% sales growth.

For the quarter ended June 30, ENER reported a loss of $20.3 million, or $0.48 per share, compared with a loss of $17.6 million, or $0.42 per share, in the same quarter for the prior year. This represents a 15% increase in losses or a 14% increase in loss per share. Although these numbers are disappointing, they show a decreased loss and a possible reversal of precedence. Analysts had forecast a much larger loss of $0.60 per share for the quarter.

Revenue increased 68% from $51.4 million to $86.2 million, besting estimates from analysts of $72.3 million for the quarter. ENERs latest quarter’s profit was reduced by a net $6.7 million by various one-time charges as noted on the company’s 10-Q report.

ENER shares closed Monday at $3.98 per share, then opened at $4.16 on Tuesday morning as afterhours trading and the anticipation of better than expected earnings helped to prop up the share price. Then as news spread about company earnings beating analyst expectations the price per share soared to $4.73 at its high during the Tuesday trading session.

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