MEMC Electronic Materials (WFR) Lowers Q3 Sales Guidance Due to Hurricane Ike

According to, MEMC Electronics (WFR) has issued an update to its guidance following the delay of raw material deliveries from its suppliers due to the effects of Hurricane Ike.

Nabeel Gareeb, MEMC’s CEO, said, “.. some of our regional suppliers had startup difficulties primarily due to power availability, plant issues, and pipeline damage as a result of the Hurricane, preventing them from starting high volume delivery of some raw materials until yesterday. This resulted in the Pasadena facility running at very low utilization levels through the early part of this week. We now believe we are at the tail end of these raw material issues, which should allow us to achieve normal production rates within the next few days. Assuming there are no significant issues during this ramp, we now expect the cumulative impact of these delays to be approximately 15 days worth of production instead of the 5 days originally forecasted.”

MEMC lowers its Q3 sales guidance from $560-$620 million to $520-$540 million.

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