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PV module encapsulant materials supplier, STR Holdings has warned it will not meet previously guided second quarter 2012 revenue expectations. The company previously guided second quarter sales to be flat with the first quarter, being in the range of US$31-US$33 million, but revised this down approximately US$25 million. Management said that demand was weaker than expected.
In the first quarter, STR said that it had significantly reduced its pricing for encapsulants to maintain market share while module prices continued to fall due to massive overcapacity.
“Our aggressive cost reduction efforts helped us achieve the low-end of our non-GAAP EPS guidance range, despite softer-than-anticipated demand for our encapsulants,” said Robert S. Yorgensen, president and chief executive officer. “These actions helped us to continue generating cash and we believe that our strong balance sheet and recent product introductions position us well for the future.”
The company had reported a net loss in the first quarter of 2012 of US$82.1 million, compared to a net loss of US$68.5 million in the previous quarter.