Investors are punishing the solar industry at large today in response to GT Solar (SOLR) reporting a 59% plunge in Q4 profit yesterday, as well as a weak outlook for the rest of the year.
GT Solar is down 23% as of this writing, trading at $5.55. The basket of solar companies we keep an eye on is down more than the market at large.
GT Solar makes equipment for manufacturing solar panels. So when companies need to produce fewer panels, GT Solar suffers. It also provides a signal that the industry is hurt, not that investors should really need GT Solar for that. President and Chief Executive Tom Zarrella, via the WSJ said “We saw slower spending by customers in our [photovoltaic] equipment business in the second half of our fiscal year, a trend that is continuing in fiscal 2010.”
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