Enfield renewable energy company STR Holdings’ net sales of its solar panel equipment totaled $67 million in the second quarter, more than double its $29.6 million last year.
STR’s total consolidated sales for the quarter – including its quality assurance segment – rose 62.3 percent over last year to $96.7 million.
Net income for the quarter was nearly five times last year, $15 million compared to $3.1 million.
The diluted earnings per share were 36 cents, up from 8 cents last year.
“Our near-term visibility and the current trends in our business give us a high degree of confidence that our full-year results will be stronger than previously anticipated,” said Dennis L. Jilot, chairman, president and CEO, in a statement. “The increase in our guidance reflects our view that the slowdown in business in the second half of the year resulting from reductions in the feed-in tariffs in Germany and Italy will not be as significant as we previously anticipated.”
STR announced last week the closing of its Enfield and Somers manufacturing facilities to consolidate into a new 275,000 sq. ft. East Windsor location. The move will take 18 months.
As the result of its increased growth in staffing and infrastructure, the company’s second quarter selling, general and administrative expense rose to $13.1 million, up from $9.5 million last year.
