Evergreen Solar swings to profit

Evergreen Solar Inc. said Wednesday it swung to a fourth-quarter profit, boosted by income from a joint venture and sharply lower costs.

The maker of wafers used in solar cells posted profit of $788,000, or a penny per share, compared with a loss of $5.5 million, or 8 cents per share, in the year-ago period.

Revenue fell 31 percent to $22.2 million from $32.4 million.

Analysts expected a loss of 4 cents per share and revenue of $20 million, according to a Thomson Financial poll.

Evergreen Solar, which is based in Marlboro, Mass., booked a $3.4 million profit from its stake in a joint venture called EverQ, which contributed only $495,000 to Evergreen earnings in the year-ago quarter.

Cost of revenue fell about 40 percent to $16 million from $25.7 million.

For the year, the company's loss narrowed to $16.6 million, or 19 cents per share, from $26.7 million, or 41 cents per share, the year before. Revenue fell to $69.9 million from $102.3 million.

The company forecast first-quarter revenue of $21.5 million to $22 million and a net loss of $7 million to $8 million.

Analysts expect a net loss of $3.7 million and revenue of $20 million, according to Thomson Financial.

Separately, the company said it signed a supply contract for polysilicon, the key material needed to make its wafers. Evergreen said all of its silicon requirements are met for its planned expansion through 2012.

In electronic aftermarket trading, Evergreen shares rose 42 cents, or 3.5 percent, to $12.40. They earlier lost 57 cents, or 4.5 percent, to $11.98 in the regular session. (AP)