MEMC reports fourth quarter and full year 2012 results
Thursday, Feb 14, 2013ST. PETERS, Mo., Feb. 13, 2013 /PRNewswire/ --MEMC Electronic Materials, Inc. (NYSE: WFR) announced financial results for the 2012 fourth quarter and full year that reflected ongoing challenges and volatile market dynamics in both of its business segments. Relative to the prior quarter, Solar Energy segment revenue growth was largely driven by higher solar project sales, while Semiconductor Materials segment revenue fell due to an on-going industry downturn.
Semiconductor Materials segment 2012 fourth quarter revenue was flat year-over-year as higher volume was offset by weaker pricing, but revenue declined 4.9% sequentially, as expected, due to weakness in both pricing and volume.
Solar Energy segment 2012 fourth quarter GAAP revenue grew slightly sequentially, driven largely by increased megawatts of solar project sales recognized under GAAP and recognition of deferred revenue related to a previously sold solar project, but was down year-over-year due to a lower number of megawatts sold that could be recognized under GAAP. Non-GAAP Solar Energy segment revenue was slightly higher sequentially due to higher megawatts sold and decreased year-over-year due primarily to fewer solar megawatts sold. External sales from our upstream solar materials operations were lower sequentially and year-over-year.
Fourth quarter 2012 GAAP EPS was ($0.05), and non-GAAP EPS was $0.08.
"The past year was a challenging one, in which both of our end markets faced hurdles created by macroeconomic concerns and an intensely competitive environment. I am pleased with our fourth quarter and full year 2012 results, and commend our workforce for their commitment and exemplary performance given difficult conditions in both our business segments last year," commented Ahmad Chatila, MEMC's Chief Executive Officer. "In semiconductor, our cost reductions have increased our operating leverage, and in solar, we have built a platform for growth that can take advantage of declining solar materials pricing through a flexible sourcing strategy. In 2013, we will strengthen our leadership position by penetrating new markets in solar and further streamlining our semiconductor operations," Chatila concluded.
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR." For more information about MEMC, please visit www.memc.com.
SOURCE MEMC Electronic Materials, Inc.