MEMC Electronic Materials Inc. (WFR: Quote) reported that its second-quarter GAAP net loss attributable to stockholders was $61.3 million, or $0.27 per share, compared to net income of $47.3 million, or $0.21 per share, in the 2011 second quarter.
Non-GAAP net income for the 2012 second quarter was $32.9 million, or $0.14 per share, compared to non-GAAP net income of $66.2 million, or $0.29 per share, in the 2011 second quarter.
Second quarter 2011 GAAP and non-GAAP net income was positively impacted by $64.5 million, reflecting an after tax benefit of $132.6 million related to the LTA resolution, partially offset by $68.1 million in various other charges.
GAAP revenue for the second quarter was $808.4 million, representing an increase of 8% from $745.6 million in the second quarter of 2011. The year-over-year increase was driven by higher Solar Energy segment revenue, partially offset by lower Semiconductor Materials segment revenue. Second quarter 2011 GAAP revenue included revenue of $149.4 million resulting from the resolution of a long term solar wafer supply contract (LTA) with a customer.
Non-GAAP revenue for the quarter was $933.4 million, a 20% increase compared to the 2011 second quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share on revenues of $749.51 million for the quarter. Analysts' estimates typically exclude special items.
For the third-quarter, the company expects semiconductor revenue up 3% to 8% sequentially, and Solar energy systems non-GAAP sales volume in the range of 40 MW to 60 MW.
For the full year 2012, the company expects Semiconductor revenue down 2% to 5% year-over-year. Revenue in second half 2012 is expected stronger than in first half 2012. Capital spending is anticipated less than $150 million.
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by RTT Staff Writer
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