March 19, 2018

Solar manufacturer STR pares 2017 losses

Enfield's STR Holdings reported a lower annual loss for 2017, thanks to reductions in its cost of sales and expenses.

The company, which supplies encapsulants to the solar industry, on Friday reported a net loss of $5.1 million, or 27 cents per diluted share, for the year ended Dec. 31. That's compared to a $15.9 million loss, or 86 cents per share, in 2016.

While STR saw its net sales drop last year to $13.5 million, down from $20.1 million, its cost of sales fell to $14.9 million, from $22.1 million in 2016.

Research and development costs and selling, general and administrative expenses also fell by approximately $1.5 million combined.

STR, which once had annual sales of $259 million, saw its revenue begin falling in 2012, amid a worldwide drop in solar panel prices. The company lost its largest customer in 2013, which forced to lay off the majority of its Connecticut workforce and cease construction on a planned East Windsor manufacturing facility.

A Chinese company, Zhenfa Energy Group, announced in 2014 that it would buy a majority stake in STR for $22 million.

STR has been traded on the OTC Markets exchange since it was delisted from the New York Stock Exchange in 2015 because its capitalization was too low.

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