Solar Stocks Trading Alert; MEMC Electronic Materials (NYSE:WFR) Gains on Second Quarter Results: Company Sees Improved Solar Business
Category: Investment, Renewable Energy
News about MEMC Electronic Materials Inc.
New York, NY - August 9, 2012 (Investorideas.com renewable energy newswire) Investorideas.com, a leader in renewable energy stock research for independent investors, issues an investor trading alert for solar stock, MEMC Electronic Materials Inc. (NYSE :WFR), trading at $2.48, up 0.20(8.77%) following second quarter results.
Second Quarter 2012 Highlights:
- GAAP revenue of $808.4 million and GAAP EPS of ($0.27)
- Non-GAAP revenue of $933.4 million and non-GAAP EPS of $0.14
- Semiconductor Materials wafer volume grew 10% sequentially
- Solar Energy segment sold 169 MW of solar energy systems, interconnected 87 MW and ended the quarter with 104 MW under construction
- Cash and cash equivalents of $448.6 million at quarter end
Revenue in the second quarter of 2012 increased sequentially and year-over-year on improving conditions and operational execution in the company's semiconductor business, and stronger execution in a difficult environment in its solar energy business. Revenue in the company's Semiconductor Materials business grew sequentially driven by higher volume but declined year-over-year due to price erosion and lower volume. Solar Energy revenue rose sequentially and year over year on higher solar project sales. For the second quarter of 2012, SunEdison recognized non-GAAP revenue on 169 MW of solar energy systems sales, compared to 49 MW in the 2012 first quarter and 28 MW in the 2011 second quarter. Despite these increased solar energy systems sales, SunEdison's project pipeline remained flat at 2.9 GW.
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR." For more information about MEMC, please visit www.memc.com.
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