Wednesday, August 8, 2012

MEMC Electronic (NYSE:WFR) Hits 3-Month High On Earnings – SPWR, VECO, GTAT

MEMC Electronic Materials, Inc.(NYSE:WFR) on Wednesday reported a $61.3 million GAAP loss in its second quarter, compared to a net profit of $47.3 million in the year-ago quarter.

Non-GAAP net income for the 2012 second quarter was $32.9 million, or $0.14 per share, compared to non-GAAP net income of $66.2 million, or $0.29 per share, in the 2011 second quarter.

How Should Investors Trade WFR After Today’s Earnings? Get Complete Analysis

In the second quarter of the year-ago quarter both GAAP and non-GAAP benefited from a write-back of $64.5 million, reflecting an after-tax benefit of $132.6 million, that was offset by other charges of $68.1 million.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share on revenues of $749.51 million for the quarter.

GAAP revenue for the second quarter was $808.4 million, an increase of 8 percent from $745.6 million in the second quarter of 2011, driven by higher revenues from its solar energy segment though revenues from its semiconductor segment was lower.

In the second quarter of 2011 GAAP revenue was inclusive of $149.4 million resulting from the resolution of a long term solar wafer supply contract (LTA) with a customer

For the third-quarter, the company expects semiconductor revenue up 3 percent to 8 percent sequentially, and Solar energy systems non-GAAP sales volume in the range of 40 MW to 60 MW.

For the full year 2012, the company expects Semiconductor revenue down 2 percent to 5 percent year-over-year. Revenue in second half of 2012 is expected stronger than in first half. Capital spending is anticipated to be less than $150 million.

Will WFR Continues To Move Higher? Find Out here

Shares of WFR soared 18% to $2.43, after reaching 3-month high of $2.87 earlier in the session. The stock has came 20% off from session high.

Several other small Semiconductors stocks jumped including SunPower Corporation(NASDAQ:SPWR) added 4.42%, GT Advanced Technologies Inc(NASDAQ:GTAT) surged 3.55% and Veeco Instruments Inc.(NASDAQ:VECO) climbed 1.50%

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