STR Holdings (STRI) Cuts Q4 EPS, Revs Below Street Views
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STR Holdings, Inc. (NYSE: STRI) has announced that revenue is projected to approximate $36.5 million for the fourth quarter of 2011 and diluted non-GAAP EPS is projected to be in the range of ($0.04) to ($0.02). Projected revenue is below the Company’s guidance of $44 to $48 million. Projected diluted non-GAAP earnings per share is below the previously-announced guidance range of $0.09 to $0.12.
The Street sees Q4 revs of $43.95 million and EPS of $0.10.
Prior Q4 outlook was EPS $0.09 - $0.12 and revs of $44 - $48 million.
The projected diluted non-GAAP EPS range is below the previously estimated range mainly due to a sales volume shortfall, approximately $0.05 of non-recurring expenses and a higher than expected effective tax rate. “Although the solar industry appears to have temporarily benefitted from strong German installations in December, we believe that most of this demand was satisfied from existing module inventory,” said Barry A. Morris, Executive Vice President and Chief Financial Officer. “We are positioning ourselves to benefit from the anticipated recovery in demand later in 2012 by focusing our efforts on cost control and improving our working capital. During the quarter, we improved upon our already strong liquidity, finishing 2011 with approximately $59 million in cash.”
The Street sees Q4 revs of $43.95 million and EPS of $0.10.
Prior Q4 outlook was EPS $0.09 - $0.12 and revs of $44 - $48 million.
The projected diluted non-GAAP EPS range is below the previously estimated range mainly due to a sales volume shortfall, approximately $0.05 of non-recurring expenses and a higher than expected effective tax rate. “Although the solar industry appears to have temporarily benefitted from strong German installations in December, we believe that most of this demand was satisfied from existing module inventory,” said Barry A. Morris, Executive Vice President and Chief Financial Officer. “We are positioning ourselves to benefit from the anticipated recovery in demand later in 2012 by focusing our efforts on cost control and improving our working capital. During the quarter, we improved upon our already strong liquidity, finishing 2011 with approximately $59 million in cash.”
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