Akeena Solar (NSDQ: AKNS) shares fell 3.6 percent Wednesday after the company posted a second-quarter loss that more than doubled from the year-ago quarter.
The company, one of the largest solar installers in the United States, reported a net loss of $5.1 million, or 18 cents per share, compared with a loss of $1.9 million, or 10 cents per share, in the second quarter of last year. Analysts had expected a loss of 15 cents per share on revenue of $11.3 million, according to Reuters Estimates.
Quarterly sales fell 6 percent to $7.1 million from $7.5 million last year. The sales also represented a 42-percent fall from the first quarter. Akeena said the decline came from a 79-percent drop in commercial installations, and was defrayed by a 6.5-percent increase in residential installations.
"Although our pipeline of commercial jobs has never been larger, because commercial installations span multiple quarters, we expect to see continued revenue volatility as commercial projects become a larger portion of our revenue mix," CEO Barry Cinnamon said in a written statement.
In May, shares of Akeena Solar fell a whopping 19.4 percent after the company missed first-quarter expectations and lowered its full-year guidance. At the time, the company forecast growth of 40 to 50 percent over last year's revenue of $32.2 million, down from a March prediction that it would double revenue this year, because of an expectation that the federal investment-tax credit would not be extended this year.
Akeena lowered its forecast again Wednesday. It now expects its full-year revenue to grow between 30 to 40 percent over 2007 - bringing expected revenue to between $41.9 million and $48.1 million - depending on the number of commercial jobs it can complete before the tax credit expires at the end of the year (see Senate Rejects Renewable Tax Credits Bill).
"Despite the prolonged uncertainty about the passage of the investment-tax credit, interest in solar power shows no signs of abating," Cinnamon said in the statement Wednesday, adding that the company's sales backlog at the end of the second quarter was $13.6 million. "Bookings are at record levels. ... Still, there is no question that economic weakness and delay in the passage of the [tax credit are] impeding industry growth this year."
Shares declined 16 cents to $4.22 per share Wednesday, and fell 17 cents more to $4.05 per share in after-hours trading.
The Vanguard Group sold 94 percent of its shares in Akeena Solar, bringing its current holdings to 1,164 shares, according to U.S. Securities and Exchange Commission filings Tuesday (via MFFAIS post).
Here are some other earnings announced Wednesday:
- Shares of Real Goods Solar (NSDQ: RSOL), a residential solar integrator, grew 2.31 percent to $6.65 per share despite a second-quarter loss. The company's initial public offering - which happened the same day Akeena's first-quarter earnings were announced in May - had initially suffered from the shadow of Akeena's fall (seeReal Goods IPO Suffers From Akeena Solar Fallout). The company posted a net loss of $27,000, compared to a net income of $200,000 in the year-ago quarter, on revenues that almost doubled to $8.8 million from $4.5 million in the year-ago quarter.
- Yingli Green Energy Holding Co. (NYSE: YGE) posted a second-quarter profit that more than tripled to $30.2 million, or 24 cents per share, from $9.4 million, or 6 cents per share, in the year-ago quarter. Excluding one-time charges, the company posted net income of 26 cents per share. Revenue also beat analysts' expectations, coming in at $289.7 million, compared to an estimate of $234.27 million according to Reuters Estimates. But shares fell 7 percent to $15.80 per share based on concerns about the company's high polysilicon costs.
- Fuel-cell developer Plug Power (NSDQ: PLUG) reported a second-quarter loss of $22.9 million, or 26 cents per share, compared with a loss of $16.7 million, or 19 cents per share, in the same period of last year. The loss included $5.3 million in one-time charges related to restructuring and securities. Analysts had expected a smaller loss of 19 cents per share, excluding one-time items, and $4.7 million in revenue, according to Thomson Financial. Second-quarter revenue reached $4.8 million, up 20 percent from $4 million last year. Shares fell 6.4 percent to $2.21 per share.