MEMC Electronic Materials Inc. (NYSE:WFR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.44%.
MEMC Electronic Materials Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 73.33% to $0.08 in the quarter versus EPS of $-0.21 in the year-earlier quarter.
Revenue: Decreased 1.88% to $704.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: MEMC Electronic Materials Inc. reported adjusted EPS income of $0.08 per share. By that measure, the company beat the mean analyst estimate of $-0.01. It beat the average revenue estimate of $661.46 million.
Quoting Management: “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.
Key Stats (on next page)…