Energy Conversion Devices swings to profit

ROCHESTER HILLS — Energy Conversion Devices, a maker of materials used for producing solar energy, swung to a profit in its latest quarter as revenues doubled, the company reported Monday.

ECD, which produces solar laminates, earned $12.7 million, or 29 cents per share, compared with a loss of $7.6 million, or 19 cents per share, in the year-ago period.

The results included restructuring costs of $0.2 million, or less than one cent per share, and a write-down of $1 million, or 2 cents per share, because of a decline in value of a note issued by Lehman Bros.

Analysts polled by Thomson Reuters forecast a profit of 26 cents per share. Those estimates Analysts typically exclude one-time items.

Revenues doubled to $95.8 million from $47 million.

ECD has grown from its roots as a research and development company into a commercial enterprise, expanding profit margins and building up its customer base. On Monday it announced a multiyear extension of a supply deal with Italian steel company Marcegaglia.

ECD predicted second quarter revenue ranging between $100 and $108 million. The company also forecast full-year 2009 revenue between $455 and $485 million.

Shares of ECD fell 5 cents to $38.04 Monday.

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