Citi's First Look at Evergreen Solar's FQ1:11

Evergreen Solar Inc. (NASDAQ: ESLR) reported FQ1:11 (Mar) non-GAAP rev/EPS of $35.3M/($1.19), “compared to our estimate of $33.8M/($0.61) and the Street at $35.3M/($0.93),” Citi reports.

“The company pre-announced quarterly results back on April 27, so there were few surprises,” Citi writes. “As previously guided by mgmt, shipments were ~18MWs, and ASPs were $1.86/W. Gross margin of -62.5% was negatively impacted by a $17.2M lower of cost or market adjustment to the cost basis of inventory.”

Evergreen Solar closed Thursday at $1.41.