MEMC Electronics (WFR) is trading down about 5% with heavy volume after it lowered guidance due to a recent failure at its Pasadena, Texas plant. The company has disclosed that on Aug 7th, a portion of the plant had to be shut down due to a major equipment failure and that rebuilding has been more difficult than expected. While the company expects to be back to normal operations by the end of September, lost production … Read the rest
Tag Archives: wfr
MEMC Electronic Materials (WFR) Ordered To Pay BP Solar (BP) In Lawsuit
MEMC Electronic Materials was ordered to pay over $8.8 million in a legal dispute with BP Solar, according to the St. Louis Business Journal. The judgement against MEMC came on Friday after a jury ruled that MEMC had violated a supply agreement with BP back in 2006 and 2007. According to BP Solar, it had an agreement with MEMC to supply it with polysilicon powder for three years. MEMC claims the agreement never existed, … Read the rest
MEMC Electronics (WFR) & Q-Cells Establish Venture To Build Solar Parks
MEMC Electronics (WFR) and Q-Cells of Germany have established a joint venture to build large solar parks it was announced tonight. The equally owned park is in Strasskirchen, and is believed to be the largest ground mounted PV system in the country to use crystalline solar cells with a total capacity of 50MW. It’s being built by Q-Cells and has a completion date by the end of this year. The two companies are investing up … Read the rest
FBR Upgrades Sunpower (SPWRA); Oppenheimer Downgrades MEMC Electronics (WFR)
Here are some analysts calls on SPWRA and WFR following last nights earnings reports.
FBR upgraded Sunpower (SPWRA) from Market Perform to Outperform and doubled the price target from $20 to $40. The firm noted that while while earnings were a mixed (beat on revenues, but lower margins), the upgrade is driven by increased business prospects in the rooftop solar market, which SPWRA’s will capitalize on. They expect funding for larger ground mounted systems … Read the rest
MEMC Electronics (WFR) Earnings Plunge 96% But Beats Estimates
MEMC Electronics beat analyst estimates after the bell today reporting an EPS of .03 (estimates called for break even) on revenues of $283 million (estimates called for $231 million), but the stock is off after hours. This is another situation where analysts came in with very low expectations, so beating doesn’t necessarily mean the company is in great shape.
MEMC’s profits plunged 96% compared to the year ago quarter, while revenues plunged 47%, so not … Read the rest
Citi Upgrades MEMC Electronics (WFR) To Buy: "As Well Positioned Structurally As FSLR"
This morning Citigroup is upgrading MEMC Electronics (WFR) from Hold to Buy, added to its Top Picks and raised the price target to $24 (a 50% premium over the current price).
Hat tip to Notable Calls for the following notes (read full article for more detail)
– Starting to reap meaningful cost reduction in poly operations
– plunging poly prices already built into the stock and it will recover long before poly prices … Read the rest
Conergy To Sue MEMC Electronic Materials (WFR) Over Contract
It’s official: Conergy is suing MEMC Electronic Materials to try to end a 10 year supply contract with the company. The contract was signed before the economy crashed and took silicon wafer prices down with it. Talks between the two companies to amend the contract broke down last week.
Here’s more from Greentech Media:
Conergy didn’t divulge details of the contract dispute, except to say that it was able to reach some agreement on … Read the rest
MEMC Electronics (WFR) Posts 1st Quarterly Loss In 7 Years
OK, this is a great example of an earnings report that can be reported positive by one news outlet (the mainstream) and reported negative by me after one time gains are removed. You’ll find that most news outlets report the GAAP number which includes one time gains and losses, distorting the true organic growth or deterioration of a company.
Analysts had predicted that MEMC Electronics (WFR) would report its first quarterly loss since 2002 in … Read the rest
MEMC Electronic Materials (WFR) And Conergy At Impasse Over Supply Contract
MEMC Electronic Materials and Conergy, the German solar company that is MEMC’s second-largest customer, appear to have reached an impasse as they attempt to renegotiate a supply contract. Conergy has been attempting to renegotiate the contract due to the economic crisis and the way silicon prices have dropped over the past year.
According to a report on Barron’s, the situation between the two companies has gotten somewhat unpleasant, with Conergy casting doubt on the validity … Read the rest
MEMC Electronic Materials (WFR) Sheds Another 200 Workers
It’s deja vu all over again as we watch MEMC Electronic Materials struggle. Earlier this month, we reported that they had laid off 200 workers. Now, they’ve laid off 200 more, according to SEC filings. This time, the cuts are happening in Korea.
EETimes.com has more details from the regulatory filing:
… Read the restThe company has now committed to further reductions in force affecting an additional 200 employees of the company’s Korean subsidiary, MEMC Korea Company,” according