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ENER Rises On Upbeat Q4 Results

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Shares of Energy Conversion Devices (NASDAQ: ENER) advanced after the company reported upbeat Q4 results.

ENER’s shares gained 9.05% to $4.34 at 11:11 am. The company reported a Q4 loss of $0.32 per share, narrower than the expected loss of $0.57 per share. The company posted its revenue at $86 million, beating analyst expectations of $73 million.

ENER’s CEO Mark Morelli said, "We expect to grow our business substantially in fiscal 2011, although our quarterly results may show unevenness due to project timing uncertainties and the relative growth in our systems business."

Energy Conversion Devices’ shares have lost 17.77% over the last month and have plunged 62.35% so far this year.

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