Oct. 17 (Bloomberg) -- STR Holdings Inc., a manufacturer of solar materials, fell after cutting its third-quarter earnings forecast and withdrawing its 2011 guidance on weaker demand for modules.
The company dropped 14 percent to $7.50 at 4:55 p.m. in New York, after the close of regular trading.
STR’s earnings will be one to two cents lower than the previously announced range of 12 to 16 cents a share, excluding certain items, the Enfield, Connecticut-based company said today in a statement.
STR also withdrew its forecast for 2011 earnings of $1.05 to $1.15 a share and sales of $261 million to $275 million, issued Aug. 16. Those estimates were based on increased demand for solar products that hasn’t materialized, the company said.
“As has been widely reported, demand for solar modules has not yet recovered,” Chief Financial Officer Barry Morris said in the statement.
STR makes encapsulants, which hold solar modules together and protect the circuitry.
The company plans to announce its results for the third quarter on Nov. 2 and will issue a new 2011 forecast then, according to the statement.
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