MEMC Electronics (WFR) Reports Better Than Expected Revenue, Sees Strong Solar Demand

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10:36:01 pm on October 23, 2008

MEMC Electronics (WFR) is up about 5% in after hours trading following a decent earnings report in which the company posted better than expected revenue numbers and minus a one time charge related to Lehman bonds, posted earnings in line with estimates at .88/share. 

The company did however guide lower for next quarter and sees revenue of 540 – 600 million, which is below the consensus of 608 million.  It’s blaming the lowered guidance on customer inventory reduction efforts, but did indicate that solar demand would remain healthy.  In the fourth quarter, majority of the revenue may come from solar business for the first time ever.

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