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LED Lighting - Six Stocks to Watch
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The trend is certainly for energy-efficient LED lighting. Already some countries have announced the eventual abolition of power-hungry incandescent lightbulbs. The research firm Strategies Unlimited believes the LED market will rise from $4.2 billion in 2006 to $9 billion in 2011, although many experts believe the growth will be far greater. Top lighting manufacturers like General Electric, Philips and Siemens are moving strongly into LED.
Many smaller companies are also involved. For example, it is estimated that a multitude of Chinese companies now account for more than two-thirds of global LED production. Here are six LED stocks from around the world.
Cree is a leader in the development of LED technology, and it offers a wide range of LED lighting products. In the six months to December 30, 2007, the company reported sales and contract revenues of $232.4 million, up 21 per cent from the December 2006 half-year period, with an after-tax profit of $19.3 million, down from $29.8 million a year earlier. Growing demand for its LED products meant higher sales and a higher average sales price, but higher costs relating to new component products, coupled with sharply higher administrative costs, drove down profits.
Carmanah Technologies, a Canadian company, specializes in the production of solar-powered LED lighting and LED illuminated signs. In 2007 it reported that sales fell 5 per cent to C$59 million, with an after-tax loss of C$8.9 million, after nearly breaking even in the previous year. Poor management, excess inventory and currency exchange issues were blamed for the loss, with the company pledging that a new business model would restore profits.
Lighting Science Group designs, manufactures and sells a wide array of LED lighting products, with a particular specialty in the provision of lighting for architectural and artistic projects around the world, and of lighting products for the gaming industry. Since emerging from bankruptcy in 2003 it has been struggling to achieve profitability. In 2007 the company's revenues leapt from $0.4 million to $2.8 million, primarily due to its acquisition of LED Holdings, although the company was also successful in boosting sales. The after-tax loss was steady at $11.5 million.
Cyberlux began as a supplier of emergency lighting, and has since branched into other areas, including retail and commercial lighting, and it has achieved success in winning military lighting contracts. In 2007 it reported revenues of $0.7 million, up nearly 50 per cent from 2006, though with a loss of $15.6 million, more than twice the 2006 deficit.
Dialight is a British company that was formerly part of the Philips group. It is a leader in the manufacture and supply of a range of LED components and products, notably transportation signals. In 2007 sales edged up 2 per cent to 63.4 million pounds, with the profit down 26 per cent to 2.7 million pounds.
BluGlass is an Australian company that has developed new manufacturing technologies that it believes will reduce the cost of the gallium nitride semiconductor wafers that are a key component in LEDs. It expects its new manufacturing facilities to come onstream during 2008.
April 8th, 2008
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