The company produces, sells and installs solar panels.
CEO Mark Morelli said the company has to put projects on hold in the two key markets. He said the delay could impact as much as half of the company’s forecasted revenue of $59 million.
From Credit Suisse analyst Satya Kumar (emphasis ours):
ENER is a relatively small company at only ~30MW/quarter of shipments and probably not the yardstick one should use to extrapolate for the entire sector. That said, the details surrounding the March revenue miss for ENER make us believe the incident is not isolated, and there could well be more negative pre-announcements to come from other companies.
Proving that ENER is not insulated, Lazard Capital cut ratings from buy to hold for Canadian Solar, China Sunergy, JA Solar and LDK Solar.
Several other solar stocks were also down today:
- Evergreen Solar was down 9.68%
- SunPower was down 3.0%
- Ascent Solar was down 1.86%