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Energy Conversion Devices' Profit Falls

William Hennelly

Energy Conversion Devices'(ENER Quote) fiscal third-quarter profit plunged but came in above Wall Street estimates.

The Rochester Hills, Mich.-based company, which makes thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, posted net income of $1.3 million or 3 cents per share compared with $7 million or 17 cents in the year-ago period.

Revenue came in at $66 million, compared to $70 million in the third quarter of fiscal 2008. Analysts polled by Thomson Reuters were expecting earnings of 2 cents , but on $68.9 million in revenue.

"The global market continues to be difficult, with the biggest challenge being the sufficiency of project financing and our customers' continued access to capital," said Mark Morelli, ECD's president and CEO. "We are actively managing our business through this uncertain period by focusing on demand creation, preservation of capital and reduction of costs. We are also working more closely with our downstream partners so that we are well-positioned for continued growth as the economy recovers."

Shares of Energy Conversion Devices were trading down 4% to $16.32 in midmorning trading Monday.