Wednesday, November 11th, 2009
Earnings Previews and Reviews – CAAS, ESE, ESLR
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China Automotive Systems, Inc. (CAAS), ESCO Technologies Inc. (ESE), and Evergreen Solar, Inc. (ESLR) are three earnings previews and reviews for Wednesday, November 11, 2009.
China Automotives Drives Toward Brighter Skies
China Automotive Systems, Inc. [[CAAS]], an automotive parts company based in China, is set to report its third quarter earnings on Thursday before the opening bell. Analysts expect the company to earn between 13 and 17 cents per share, with an average estimate of 15 cents per share. Meanwhile, revenues are projected to grow 44.4% to $53.34 million for the quarter.
The company has posted an impressive run from a 52-week low of just $2.01 to its current $14.60 per share price as auto sales have exploded in China and Asia as a whole. Meanwhile, a sharply positive earnings report from competitor Tongxin International [[TXIC]] suggests another bullish quarter for the auto parts manufacturer.
Will ESCO Technologies Engineer a Strong Quarter?
ESCO Technologies Inc. [[ESE]], a producer of engineered products and systems for utility, industrial and commercial applications, is set to report its third quarter earnings on Thursday after the closing bell. Analysts expect the company to earn between 64 and 84 cents per share, with an average estimate of 77 cents per share. Meanwhile, revenues are expected to drop 10.2% to $176.05 million for the quarter.
In the past, the company has a predominantly negative history of earnings misses. During the second quarter, the company posted earnings of 42 cents per share versus an analyst consensus of 55 cents per share. Meanwhile, many other industry competitors have reported lackluster earnings this quarter amid the economic weakness.
Shedding Some Light on Evergreen Solar…
Evergreen Solar, Inc. [[ESLR]], a manufacturer of solar powered products based on its String Ribbon technology, reported its third quarter earnings on Wednesday. The company reported revenues that increased 324% to $75.5 million, as a result of increased sales volume from its Devens facility, but a net loss of $82.4 million compared to $24.6 million a year ago.
The company’s results were hurt by lower average selling prices, by approximately 33.6%, that resulted from continued price declines in the market place and a slightly stronger U.S. dollar during the third quarter year over year. More, the company doesn’t project gross margins improving until its Wuhan, China facility reaches meaningful production levels and they complete the transition of Devens panel assembly to China in late 2010.
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-- Written by Simon Monger
