UPDATE 2-Evergreen Solar quarterly loss widens

Thu Jul 30, 2009 4:51pm EDT

* Q2 EPS ex-items 8 cts misses Wall St view of 7 cts loss

* Q2 revenue nearly triples to $63.8 million

* Shares flat with close at $2.38 (Add analysts estimates, sales volumes)

NEW YORK, July 30 (Reuters) - U.S. solar company Evergreen Solar Inc ESLR.O on Thursday reported a slightly worse than expected loss as lower selling prices offset rising sales volumes.

The second-quarter net loss was $20.3 million, or 11 cents per share, compared with a net loss of $8.9 million, or 8 cents per share, a year ago.

Excluding $5.3 million in losses from its Sovello joint venture and $1.5 million in facility costs, the loss per share of 8 cents, slightly larger than the 7 cents per share loss that analysts had on average forecast, according to Reuters Estimates.

Revenue nearly tripled to $63.8 million, topping the $62.61 million that analysts were expecting, according to Reuters Estimates.

Like many in the solar industry, Evergreen has been hurt by a drop in demand for solar panels that has lead to a glut in the market and weaker prices.

Evergreen said it shipped 23.2 megawatts of solar power products at $2.70 per watt, versus shipments of 17.3 MW in the first quarter at $3.13 per watt.

Shares were unchanged from their close of $2.38 a share. Those shares had risen 3.9 percent in regular-session Nasdaq trade. (Reporting by Matt Daily; Editing by Gary Hill, Bernard Orr)

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