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An increase in revenue helped Evergreen Solar Inc. to narrow its operating loss in the first quarter by $7 million from the fourth quarter of last year.
The Marlborough-based company reported a first-quarter operating loss of $14.1 million, down from $21.1 million for the fourth quarter of 2009. Operating loss in the first quarter of 2009 was $59.2 million.
The company reported that shipments rose to 35.4 megawatts in the first quarter from 31.9 megawatts in the fourth quarter of 2009.
Evergreen manufactures solar cells and assembles solar panels at a facility in Devens. The company plans to move the panel assembly operation to China by the end of the first quarter of 2011.
“Our Devens facility is performing strongly and our China expansion effort is proceeding as planned,” Evergreen president and CEO Richard Feldt said in a news release.
Evergreen reported first-quarter revenue of $78.5 million, up from 2009 fourth-quarter revenue of $74.5 million. First-quarter revenue in 2009 was $55.8 million.
The company also saw lower restructuring charges and equipment write-offs in the first quarter, the company said.
Net loss for the first quarter was $23.9 million compared to $98.4 million in the fourth quarter of 2009, the company said.
Net loss in the fourth quarter had included approximately $56.3 million of impairment charges associated with the company’s investment in struggling German solar-panel manufacturer Sovello AG. Evergreen sold its stake in Sovello to a European private equity firm last month.
Total manufacturing costs in the first quarter decreased to $2.04 per watt from $2.05 per watt in the fourth quarter of 2009, Evergreen reported. The company’s average selling price for the first quarter was $2.21 per watt, down 4.7 percent from $2.32 per watt during the fourth quarter of 2009.
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