MEMC Electronic Materials (WFR) reported mixed results last night with a non GAAP EPS loss a bit wider than expected at .09 vs the analyst estimate for a .06/share loss, but on better than expected revenues of $772 million (down 19% over the year ago quarter). Shares were likely trading up pre-market because the non-GAAP loss wasn’t quite as severe as the company has expected about a month ago.
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MEMC Electronic Materials (WFR) Posts Prelim Results, EPS To Be Lower
MEMC Electronic Materials (WFR) is reporting Q4 preliminary results this morning. The company anticipates revenue in the range of $753 – $792 million with non GAAP EPS loss in the range of .17 – .23/share.
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"We responded to the continuing cyclical downturn in the semiconductor industry and the severe market disruption in the solar market by taking decisive action through a significant restructuring that we believe … Read the rest
MEMC Electronic Materials (WFR) Could Test All Time Lows After Missing On EPS, Guiding Lower
Solar stocks got a jolt of buy interest last week, but have been giving some of that back. That continues today after US solar manufacturer and developer MEMC Electronic Materials (WFR) reported results that were below analyst estimates. The company reported an EPS of .03/share vs the expectation of .10/share. On the bright side, the company beat analyst estimates on the revenue side posting $859 million vs the estimate for $782 million. The stock is … Read the rest
MEMC Electronic Materials (WFR) Subsidiary SunEdison Sells 33MW In Solar Systems To KGAL
SunEdison, which is a subsidiary of MEMC Electronic Materials (WFR), announced it has sold another 33MW in solar systems in Italy and Spain to German investment company KGAL. KGAL purchased 20MW last quarter bringing the total to 53MW which WFR will continue to maintain and operate under long term agreements.
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Pancho Perez, General Manager of SunEdison for Europe, Middle East, North Africa and Latin America commented, … Read the rest
MEMC Electronic Materials (WFR) Recovering From Historic Lows On Insider Buying
You get the feeling that shares of MEMC Electronic Materials (WFR) are beginning to offer a tremendous opportunity for those that have a longer holding time frame. A few insiders certainly do, including the CEO and CFO. With shares of WFR at nearly 10 year lows, both have done some buying giving the stock a boost today of about 15%. The purchases were actually made on August 5th, but the news is providing the catalyst … Read the rest
MEMC Electronic Materials (WFR) Beats, But Lowers Guidance
MEMC Electronic Materials (WFR) beat estimates after the bell today and shares initially surged about 5% on the news, but have since given back much of the gain likely due to soft guidance. The company reported a non GAAP EPS of .29/share on revenues of $779 million vs the analyst estimate for .08/share on revenue of $700 million.
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CEO Ahmad Chatila commented: "Our second quarter results … Read the rest
MEMC Electronic Materials (WFR) Targets Military Solar Projects With Fotowatio Purchase
MEMC Electronic Materials (WFR) announced earlier today that it has purchased the US subsidiary of Fotowatio Renewable which the CEO said provides them with an opportunity to grab a leading position in military solar installations as well as a nice compliment to its Sun Edison solar project subsidiary. MEMC will pay about $135 million for Fotowatio plus a potential deferred payment of up to around $100 million depending on Fotowatio performance targets.
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Wells Fargo (WFC) Investing $120 Million In MEMC Electronic Materials (WFR) Solar Projects
MEMC Electronic Materials (WFR) has announced that Wells Fargo (WFC) will invest up to $120 million in SunEdison (subsidiary of WFR) solar projects. This isn’t the first time the companies have worked together. Wells Fargo invested more than $200 million in 2007 for 150 SunEdison solar projects across eight states.
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"Wells Fargo is excited to continue our relationship with SunEdison and expand our commitment to grow … Read the rest
JA Solar (JASO) & MEMC Electronic Materials (WFR) To Partner On Solar Cell Production In China
Two solar industry heavyweights announced a 50/50 joint venture for solar cell production in China today. JA Solar (JASO) and MEMC Electronic Materials (WFR) will build and operate a solar cell production facility in China with phase 1 calling for 250MW of capacity which may be expanded up to 1GW.
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"We are delighted to embark on this exciting initiative with MEMC, and to continue our … Read the rest
MEMC Electronic Materials (WFR) Misses, But Posts Strong Guidance
MEMC Electronic Materials (WFR) reported results tonight that were below analyst estimates, but shares are up a few percent in after hours trading. The company reported a non GAAP EPS of .25/share on revenues of $850 million which represented big growth over the year ago quarter of 933% and 138% respectively.
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"Our fourth quarter results extended MEMC’s recent trend of steady improvement, with SunEdison delivering its … Read the rest