Energy Conversion reports 3Q loss amid writedown

Energy Conversion Devices Inc. on Monday reported a net loss for its fiscal third quarter as the solar panel product maker recorded a $358 million charge to write down the value of its assets.

For the quarter ended March 31, Energy Conversion recorded a net loss of $385 million, or $9.10 per share, compared with net income of $1.3 million, or 3 cents per share, in the year-ago quarter.

Excluding the charges, the company said it would have posted a net loss of 64 cents per share in the latest quarter.

Revenue rose nearly 10 percent to $72.4 million from $66 million.

The $358 million non-cash charge included $321 million for property, plant and equipment and $37 million for goodwill and other intangible assets.

Analysts surveyed by Thomson Reuters expected the company to report a net loss of 75 cents per share on revenue of $61.1 million. Analyst estimates typically exclude one-time items.

Shares of Energy Conversion Devices rose 60 cents, or 10.4 percent, to $6.48 in morning trading. The stock has ranged from $5.46 to $19.07 over the past week.