MEMC Electronic Materials Inc. (WFR) Thursday reported narrower loss for the first quarter, in spite a revenue decline, influenced by lower operating expenses and higher net loss attributable to non-controlling interests. Adjusted loss per share was, however, wider than analyst estimates.
For the quarter the company posted net loss attributable to shareholders of $89.4 million, narrower than prior-year loss of $98.6 million. On a per share basis, loss totaled $0.40 compared with loss of $0.43 last year.
On an adjusted basis the firm posted loss per share of $0.16 for the three months. Sixteen analysts on average polled by Thomson Reuters estimated loss per share of $0.14 for the period. Analyst estimates typically exclude one-time items.
The company clocked revenue of $443.6 million, down from $519.2 million last year. Analysts were looking were revenue of $423.14 million for the quarter.
The company spent $70.3 million on marketing and administration as opposed to $83.2 million last year.
Looking forward, the firm expects semiconductor materials revenue between $235 million and $245 million for the second quarter and between $960 million and $1 billion for the full-year.
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