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UPDATE 1-Akeena Solar ups Q4 rev growth view on robust sales
December 15, 2010 / 12:29 PM / in 7 years

UPDATE 1-Akeena Solar ups Q4 rev growth view on robust sales

* Q4 rev growth seen at over 50 pct QoQ

* Says adding new dealers across country

Dec 15 (Reuters) - Solar power systems maker Akeena Solar WEST.O raised its fourth-quarter revenue growth forecast to more than 50 percent sequentially, citing the pace of sales.

The company, whose third-quarter revenue stood at $2.1 million, had earlier forecast revenue to grow 40-50 percent sequentially.

Akeena, which operates under the trade name Westinghouse Solar, said it continues to add new dealers in California as well as in the rest of the country.

The company had said in early September it would exit the photovoltaic (PV) solar installation business in California to concentrate on selling its solar modules in the United States’ biggest market. [ID:nN1063193]

“We are seeing positive signs that distribution business should prove to be as scalable as we anticipated when we made the decision to exit the installation business,” Akeena Chief Executive Barry Cinnamon said in a statement.

Akeena shares, which have lost about half their value in the last three months, closed at 39 cents on Tuesday on Nasdaq. (Reporting by Krishna N Das in Bangalore; Editing by Joyjeet Das)

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