Enfield solar and quality assurance provider STR Holding, Inc. more than doubled its net income to $49.3 million in 2010 with strong sales of its solar products, particularly in Asia.
The net income was up from $23 million in 2009 because sales of the solar panel equipment reached $259.2 million in 2010, a 73 percent increase from the year before. The net sales for the quality assurance segment of the business dropped to $112.6 million, a 2 percent decrease.
“We are delighted to report yet another strong quarter for our solar segment to finish off a remarkable 2010,” said Dennis Jilot, chairman, president and CEO, in a statement. “Our continued growth in the fourth quarter was primarily driven by sales to customers in Asia.”
Diluted earnings per share for the year was $1.17, compared to $0.61 in 2009.
The solar growth in Asia came largely from STR’s plant in Malaysia. Increased productivity gains there and in the company’s other manufacturing facilities helped offset rising raw material costs.
In December, STR closed the real estate deal for a new 275,000 sq. ft. facility in East Windsor. The move will consolidate operations and support anticipated growth in the North American market.
