STR Holdings, Inc. (STRI) reported a loss of 11 cents per share in the third quarter of 2014, in line with the Zacks Consensus Estimate. In the prior-year quarter, the company had reported a net loss of 12 cents per share.
On a GAAP basis, the company reported a loss of 15 cents per share compared with a loss of 14 cents per share in the year-ago quarter. The difference between GAAP and operating loss was due to a loss of 3 cents associated with discontinued operations.
Total Revenue
STR Holdings’ third-quarter revenues of $9.5 million missed the Zacks Consensus Estimate of $12 million by 20.8%. Total revenues were however higher than the year-ago figure of $6.2 million.
Highlight of the Release
In the reported quarter, STR Holdings registered a year-over-year volume increase of 89% but at the same time had to digest a nearly 19% decline in the average selling price. Volumes rose on account of new Chinese customers and improved demand from its European customer base.
Selling, general and administrative expenses for the quarter were $2.5 million compared with $4.6 million in the third quarter of 2013. The decline was primarily due to a workforce reduction in 2013.
Financial Update
Cash and cash equivalents as of Sep 30, 2014 were $22.8 million compared with $58.1 million as of Dec 31, 2013.
Long-term debt as of Sep 30, 2014 totaled $4.67 million, marginally lower than $4.79 million at 2013 end.
Capital investment in the first nine months of 2014 was $2.65 million compared with $2.16 million in the year-ago period.
Net cash used in operating activities in the first nine months was $10.4 million while $17.67 million was used in the comparable year-ago period.
Other Company Releases
First Solar Inc. (FSLR) reported adjusted third-quarter 2014 earnings of 61 cents per share, missing the Zacks Consensus Estimate of 64 cents by 4.7%.
SunPower Corporation (SPWR) reported third-quarter 2014 adjusted earnings per share of 30 cents, ahead of the Zacks Consensus Estimate by 7 cents.
SolarCity Corp. (SCTY) incurred a third-quarter 2014 loss of 75 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.09.
Zacks Rank
STR Holdings, Inc. currently holds a Zacks Rank #4 (Sell).
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