MEMC Electronic Materials Earnings: Here’s Why Shares are Down Now
MEMC Electronic Materials Inc. (NYSE:WFR) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.13%.
MEMC Electronic Materials Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.16 in the quarter versus EPS of $-0.26 in the year-earlier quarter.
Revenue: Decreased 16.93% to $431.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: MEMC Electronic Materials Inc. reported adjusted EPS loss of $0.16 per share. By that measure, the company missed the mean analyst estimate of $-0.14. It beat the average revenue estimate of $423.14 million.
Quoting Management: “I am pleased with our Semiconductor Materials performance and excited about our opportunities in Solar Energy,” commented Ahmad Chatila, Chief Executive Officer. “We grew revenue in our Semiconductor Materials segment and again generated cash despite a continued industry slowdown, and we expect to see improving performance through the year. Sales in our Solar Energy segment were soft due to a downward adjustment of our development spending rate last year. We expect the recent increase in construction activity to produce better results later this year. In addition, during the quarter we grew both our pipeline and backlog. We remain committed to maintaining a strong, flexible balance sheet and to generating strong returns for our stakeholders,” Chatila concluded.
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