Silicon wafers maker MEMC Electronic Materials Inc. (WFR) on Wednesday lowered its adjusted earnings and revenue outlook for the fourth quarter, citing solar energy project timing and adverse tax effects associated with world-wide income distribution.
The company now anticipates fourth-quarter reported loss in a range of $5.78 to $6.50 per share, compared to the prior outlook for loss in a range of $5.20 to $6.38 per share. However, MEMC raised its outlook for fourth-quarter reported revenue to a range of $698 million to $733 million from the prior outlook of $523 million to $585 million.
MEMC now anticipates adjusted loss for the fourth quarter in a range of $0.23 to $0.17 on adjusted revenue of about $753 million to $792 million. Previously, the company expected adjusted results for the quarter ranging between a loss of $0.05 per share and earnings of $0.10 per share, on adjusted revenue of $789 million to $861 million.
The company noted that the estimated adjusted results range is below the previously estimated range primarily due to solar energy project timing and largely non-cash adverse tax effects associated with world-wide income distribution. Excluding these unfavorable tax effects, adjusted loss for the quarter is expected in a range of $0.11 to $0.05.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.01 per share for the quarter on revenues of $807.99 million. Analysts' estimates typically exclude special items.
In early December, MEMC announced a slew of restructuring actions, including elimination of 1,300 jobs or about 20 percent of its workforce, in an effort to cut costs and position the company for profitable long-term growth.
At that time, the company lowered its earnings and revenue target for the fourth quarter. The company noted that capital market and liquidity risks in Europe may impact the timing of planned fourth quarter SunEdison project sales and pricing, which could result in a shift of these project sales into 2012, leading to some reduction in reported and adjusted revenues as well as earnings per share for the quarter.
In Wednesday's session, WFR is trading at $4.49, down $0.07 or 1.54 percent on a volume of 1.82 million shares.
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