Evergreen Solar Inc. reported a net loss in the first quarter due to declining prices on solar panels amid a the economic downturn.
The company reported a net loss of $64.3 million or 40 cents per share during the first three months of the year including one-time charges of $43.9 million. The firm had a loss of $25,000 in the same period year ago.
Revenue in the period was $55.8 million compared with $22.9 million last year. However gross margin was 1.2 percent compared with 33.6 percent a year ago, the company said in a statement.
Analysts forecasted a loss of 9 cents per share excluding charges.
During the first quarter Evergreen generated 18.2 Megawatts, more than double the 8.5 MW that it produced in the fourth quarter of 2008, the firm's Chief Executive Officer, Richard M. Feldt said in a statement on Thursday.