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UPDATE 1-Akeena posts wider-than-expected Q4 loss
February 11, 2010 / 12:16 PM / in 8 years

UPDATE 1-Akeena posts wider-than-expected Q4 loss

* Q4 adj shr loss $0.10 vs est loss of $0.09

* Q4 sales slump 35 pct, miss estimates

* Sees “slightly” higher rev in Q1

Feb 11 (Reuters) - Solar power systems maker Akeena Solar Inc AKNS.O posted a wider-than-expected fourth-quarter loss, as installations fell, but the company said first-quarter revenue would likely be sequentially higher.

“Fourth-quarter revenue reflected residential installations that were softer than we would have liked, and as we expected, commercial installations continued to lag,” Akeena said.

The company reported a quarterly net loss of $3.7 million, or 11 cents a share, compared with a net loss of $9.2 million, or 31 cents per share, last year. Excluding items, the company posted a loss of 10 cents a share.

Sales slumped 35 percent to $7 million. Installations for the quarter came in at 856 kilowatts, compared with about 1,410 kilowatts, a year ago.

Analysts had been looking for a loss of 9 cents a share, on revenue of $7.7 million, according to Thomson Reuters I/B/E/S.

Akeena shares closed at $1.14 Wednesday on Nasdaq. (Reporting by Adveith Nair in Bangalore; Editing by Anil D‘Silva)

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