That translates to earnings per share of $0.21, better than analysts had expected.
The California company reports gross margin declines to 22.3% due in part to lower average selling prices in its residential and commercial business, and lower electricity revenue from its utility power plant business. Margins were better than the 18%-20% the company had planned for.
Chief executive Tom Werner says the company is sold out for the remainder of this year and sees demand outpacing supply in 2011, with record backlogs.
