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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