MEMC Electronic (WFR) is having a rough morning.  The stock is down around 20% and now more than 50% off its Dec 2007 high after reporting disappointing earnings results.  The company reported EPS of .92/share which missed estimates of 1.00 and also missed on revenues by reporting 531 million (analysts expected 558).  The CEO tried to put a positive spin on it:

“MEMC grew sales by 6% sequentially, expanded gross and operating margins by 150 and 200 basis points, respectively, continued to generate industry- leading levels of free cash flow at 22% of sales, and further expanded our cash and investment balances to approximately $1.5 billion,” said Nabeel Gareeb, MEMC’s chief executive officer. “However, our financial results were a bit below the bottom end of our targeted range as the company encountered unanticipated events towards the tail end of the quarter.”

On the bright side, the company did announce a $500 million increase to their share buyback program and the company was upgraded twice by JPMorgan and Citigroup.