Worldwide’s impressive first quarter growth was largely driven by increased sales of the Company’s AmeriSolar brand of photovoltaic modules. The solar division posted record sales of $26.21 million, an increase of approximately 280.4% from $6.89 million in the first quarter of 2009. Gross profit for the solar division was $2.80 million in the first quarter of 2010, an increase of approximately 184.3% from $0.99 million in the same period of 2009. Solar is one of the fastest growing sectors of the clean tech industry. Despite a recent solar industry slowdown, Worldwide’s solar division has continued to grow. The division’s backlog currently stands at approximately $82 million dollars.
First quarter highlights include:
- Revenues for the first quarter of 2010 were $30.33 million, an increase of 195% compared to $10.28 million for the first quarter of 2009.
- Net income for the first quarter totaled $1.95 million, up 195% from $0.67 million in the same quarterly period of 2009.
- Basic and diluted net income increased 105% to $0.39 per share, compared to $0.19 per share for the first quarter of 2009.
- Gross profit increased to $3.79 million from $1.72 million, representing an increase of 120.6% for the same period a year ago.
Although the solar division accounts for the bulk of sales, Worldwide’s global customer base also includes the industries of wireless telecommunications, aerospace, automobiles and medical equipment, representing a $60 billion market in the U.S. alone. Fortune 500 clients include GE, GM Shanghai, Tyco, Danaher, Flextronics, Smith Industries, and Andrew.
In their May 18th earnings call, Worldwide President Jeff Watson stated that the Company expects 2010 to be another record year. Worldwide plans to release guidance for the full year after releasing their second quarter earnings in August 2010. The Company also anticipates acceptance to a senior exchange in the near future.
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Disclosure: We are Long