News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/solar-sales-keep-loss-facing-memc-electronic-materials-afloat-in-q1.html

New York-listed solar wafer manufacturer MEMC Electronic Materials’ net sales rose 68 per cent year-on-year in the first quarter of 2011 to $735.9m, with a seasonal upsurge in demand for its solar materials.

But this was not enough to recover its quarterly net loss of $4.5m, equivalent to $0.02 per share, marking a drop from its preceding quarterly income of $12.6m.
To a large extent, however, the net loss was seasonal, and compares favourably with the $9.6m in net loss it incurred in the first quarter of 2010.
MEMC said the first quarter earnings per share loss was negatively impacted by charges related to the Japan earthquake and unfavourable settlements in court proceedings.
Its sales were up year-on-year in all segments, but most strongly in its solar material segment and subsidiary SunEdison, in a quarter in which it made its first solar wafer shipments from its new Malaysia plant.
Sequentially, its net sales were down 13 per cent compared to the fourth quarter of 2010, due to lower semiconductor materials and SunEdison volumes.
Its operating cash flow for the recent quarter was $225m, up from the equivalent period of 2010 but down from the previous quarter.
During the 2011 first quarter, SunEdison raised $550m in a senior notes offering for investment purposes and working capital. Construction of solar systems for the company’s projects totalled $52.6m in the quarter.
MEMC ended the 2011 first quarter with cash and cash equivalents of $684m excluding $61m in restricted cash. Its total company debt, however, amounted to over $1.22bn at the end of the quarter.
‘Our first quarter results demonstrate continued operating improvement in the face of several unanticipated unfavorable events including legal verdicts and the Japan earthquake,’ said Ahmad Chatila, CEO of MEMC.
‘We remain focused on our strategic business objectives, investing for growth and driving productivity in our semiconductor and solar businesses.’
MEMC has reiterated its yearly guidance for 2011, expecting sales in the range of $2.8bn to $3.1bn, and earnings per share of between $0.25 and $0.55.