Satcon Technology says 3Q revenue to beat guidance

AP News
Posted: Oct 18, 2010 1:44 PM
Satcon Technology says 3Q revenue to beat guidance

Satcon Technology Corp., a maker of power generation products for the alternative energy industry, said it expects to report higher third-quarter revenue than previously forecast.

Satcon, which is scheduled to report earnings for the July-through-September period on Oct. 28, issued preliminary results on Monday.

The company said it expects revenue totaled $56 million to $58 million, more than five times higher than a year ago. Its previous forecast was for revenue of $43 million to $47 million.

Satcon also said it expects to post a net loss of 2 cents to 3 cents per share for the quarter. Analysts surveyed by Thomson Reuters are currently looking for a net loss of 1 cent per share and revenue of $45.6 million.

For the fourth quarter, Satcon forecast revenue of $70 million to $75 million, much higher than the $51.5 million analysts are currently looking for.

Satcon also said Monday it plans to sell up to 10.4 million shares of stock, but did not set a price for the sale. It plans to use proceeds for working capital and other general corporate purposes.

Shares of Satcon fell 13 cents, or 3.1 percent, to $4.03 in afternoon trading. The stock has traded in a 52-week range of $1.83 to $4.31.