Enfield solar encapsulant manufacturer STR Holdings, Inc. saw its fiscal third quarter earnings drop 99 percent over last year amid continued global oversupply solar panels.
STR earned $667,000, or 2 cents a diluted share, for the three months ended Oct. 31 vs. $45.3 million, or $1.09 a diluted share, in the third quarter 2011. STR’s earnings in the third quarter 2011 did benefit from the $275 million sale of its quality assurance unit, bolstering its bottom line.
STR, which makes a coating to protect solar cells from the elements, has suffered from the global oversupply in the solar market and subsequent price drops. The firm saw its revenues drop 59 percent to $23.1 million in the third quarter from the third quarter 2011.
Despite the large year-over-year decrease, the $667,000 in earnings is the net positive quarter since the third quarter 2011. The company recorded a $67.1 million loss in the fourth quarter 2011, an $82 million loss in the first quarter, and $2.4 million in the second quarter.
