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MEMC Reports Fourth Quarter and Full Year 2011 Results

21.05.12

Revenue in the company's Semiconductor Materials business was lower sequentially and year-over-year as softer demand negatively impacted shipments and pricing.  Solar Materials revenue declined sharply both sequentially and year-over-year due to significantly weaker wafer pricing and volumes.  For the fourth quarter 2011, SunEdison recognized non-GAAP revenue from solar energy systems representing 109 MW, up 33% sequentially and up 32% year-over-year.  Despite interconnecting 161 MW in the 2011 fourth quarter, SunEdison's project pipeline remained flat versus the prior quarter at 3.0 GW, but was up over 100% year-over-year.  

"During the fourth quarter and in the midst of a semiconductor market cyclical downturn and what we view as a prolonged and severe solar market dislocation, we initiated a broad restructuring to improve our overall competitive position," said MEMC's Chief Executive Officer Ahmad Chatila.  "While the semiconductor market remains soft, we see signs of an improved second half of 2012.  As the market recovers, we believe our productivity efforts and 300mm expansion will pay dividends.  In the restructuring, we have sized the Solar Materials business to supply our downstream pipeline with low cost, high quality solar materials products.  Although solar interconnections roughly doubled in 2011 and we expect strong growth in 2012, uncertainty regarding feed-in-tariffs and credit markets in Europe will remain challenging in 2012.  Our operations and pipeline in the most promising, stable markets, and our brand recognition position us for long-term growth in solar.  Through productivity and restructuring efforts, we will be positioned for both semiconductor, and eventually solar, market upturns."

Source: Sacramento Bee