REC warns of a brutal Q3 2012

Renewable Energy Corporation ASA (OSE: REC) has plummeted almost 20% to new lows in today’s trading after warning its Q3 2012 numbers that are to be reported on October 24 will miss analyst estimates. Preliminary figures suggest revenues of 1.5 billion NOK and a negative EBITDA of about 185 million. REC Silicon should be at break-even and most of the loss coming from REC Silicon. The company is blaming very challenging market conditions that led to a slide in both prices and volumes.