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What: Shares of MEMC Electronic Materials
So what: MEMC thoroughly thumped estimates on the top line, too. Analysts had expected $749.5 million in revenue and a $0.02 loss per share. MEMC's $933.4 million top line and its adjusted gains came in well ahead of those numbers. However, non-GAAP revenue figures had a boost from real estate and leaseback deals, and the company's bottom line saw a loss of $61.3 million, or $0.27 per share, under GAAP accounting measures.
Free cash flow levels were strong at $114 million for the quarter, and MEMC also sold 144 megawatts worth of solar projects, a substantial increase from the 23 megawatts booked during the year-ago quarter. Semiconductor sales made up 29% of the company's revenues and are expected to occupy a larger part of MEMC's sales mix during the second half.
Now what: Analyst estimates are still somewhat grim for the upcoming quarter. The average bottom-line estimates for the third quarter have shrunk from $0.12 in EPS to just $0.01 per share over the past three months. Considering the solar sector's headwinds and MEMC's significant unprofitability, it'll take more than one juiced quarter to prove that this company is truly back on the rebound.
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