MEMC Electronic Materials, Inc. (NYSE:WFR) shares soared over 33% in the pre-open session after the company posted better than estimated second-quarter earnings. The company said that it lost $61.3 million, or 27 cents a share, reversing a year ago profit of $47.3 million, or 21 cents a share. On an adjusted basis, the company would have earned 14 cents a share, well ahead of analysts’ estimate of a penny in profit.
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Revenue during the quarter came in at $808.4 million, up 8.40% year over year boosted by 22% jump in solar energy revenue. Analysts were estimating revenue of $643 million. Gross margin narrowed to 13.2% from 24.3% on weaker solar wafer and semiconductor wafer pricing and volume.
Westar Energy Inc (NYSE:WR)’s second-quarter earnings rose 42% as the company's revenue improved, helped by price increases and higher energy sales resulting from warmer weather. The company posted a second quarter profit of $62.7 million, as compared to $44.1 million, in the same quarter a year earlier. On a per-share basis, earnings increased to $0.48 a share from $0.38 a share in the year ago period. Adjusted earnings in the year-ago period were $0.41 a share. Revenue improved 7.9% to $566.3 million. Analysts expected earnings of $0.44 a share and revenue of $554 million.
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Further, the company reconfirmed its full-year earnings guidance of $1.85 to $2 a share, with a bias towards the upper-end of the range.
Zillow Inc (NASDAQ:Z) shares fell 9.60% to $37.75 after the company reported second-quarter net income of $1.3 million or 0.04 per share, as compared to $1.6 million or breakeven per share in the same quarter last year. Total revenues increased 75% to $27.8 million from $15.8 million in the second quarter last year. Analysts expected the company to earn $0.04 per share on revenues of $27.14 million for the quarter.
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Looking forward, the company expects third quarter of 2012 revenue to be in the range of $30.0-$31.0 million and adjusted EBITDA is expected to be in the range of $4.75-$5.25 million.
XL Group plc (NYSE:XL) reported second-quarter net income of $221.2 million or $0.71 per share, as compared to $225.7 million or $0.69 per share for the comparable quarter last year. Total revenues rose to $1.75 billion from $1.70 billion in the same quarter last year. Analysts expected the company to earn $0.57 per share on revenues of $1.56 billion for the quarter.
Additionally, the company announced that the Board of Directors of the Company declared a quarterly dividend on August 1, 2012 of $0.11 per ordinary share payable on the Company's ordinary shares. The dividend will be payable on October 1, 2012 to ordinary shareholders of record as of September 15, 2012.