shares sank 2.6% after the supplier of material for solar panels swung to a quarterly loss, missing analysts' estimates.
The clean energy technology company lost $1.3 million, or 8 cents a share, compared with earnings of $202,000, or a penny a share, in the year-ago period.
Excluding certain items, the company would have lost $1 million, or 6 cents a share. Analysts were expecting Hoku to lose 2 cents a share.
Revenue for the quarter was $1.1 million compared with $1.7 million a year ago. Deferred revenue from customer prepayments was $1.7 million at the end of last year thanks to a contract with the U.S. Navy. This compares with $4 million in deferred revenue on March 31, which was mostly attributed to a $1.7 million contract with Nissan and a $2.1 million contract with the U.S. Navy.
For its fourth quarter ending March 31, Hoku expects income of between $1 million and $1.2 million. It expects costs in the quarter to increase significantly due to efforts in growing its customer base and in executing its plans to enter the polysilicon and solar module markets.
The stock lost 16 cents to $5.98 Wednesday, following the company's earnings report after the close of trading Tuesday.