Worth Reading! Solar is Growing!!
02.02.2011
St Peters,
.North America
United StatesMissourri.MEMC Electronic Materials today announced financial results for the fourth quarter and full year 2010.
GAAP net sales for the quarter were $850.1 million, an increase of 69% from $503.1 million in the third quarter of 2010 and an increase of 138% from $356.7 million in the fourth quarter of 2009. Fourth quarter GAAP net sales include $307.6 million in 2010 and $3.8 million in 2009 from the SunEdison business that was acquired in November 2009. Non-GAAP net sales for the quarter were $949.5 million and include $99.4 million of adjustments for revenue or profit deferrals required under GAAP real estate and lease accounting. All adjustments relate to the SunEdison segment.
For the full year, GAAP net sales were $2,239.2 million, an increase of 92% from $1,163.6 million in 2009. GAAP net sales include $420.5 million in 2010 and $3.8 million in 2009 from the SunEdison business. Non-GAAP net sales for full year 2010 were $2,416.0 million and include $176.8 million of adjustments for deferrals required under GAAP real estate and lease accounting.
Capital expenditures were $115.1 million in the quarter, driven by investments in 300mm wafer production, solar wafering manufacturing, and projects for productivity improvement.
Construction of solar energy systems for SunEdison projects of $101.5 million for the fourth quarter includes the construction of solar projects currently classified as owned projects and carried as fixed assets. Cash flow for projects expected to result in direct sales is reflected in working capital.
"Our fourth quarter results extended MEMC's recent trend of steady improvement, with SunEdison delivering its strongest quarter to date," said Chief Executive Officer Ahmad Chatila. "While semiconductor and solar end markets are dynamic, we are improving our execution while continuing strategic initiatives that will catalyze our growth in 2011 and beyond."
For the full year of 2011, MEMC expects non-GAAP sales in the range of $3.4 - 3.7 billion and earnings per share of $1.00 to $1.30. MEMC expects GAAP sales in the range of $2.8 - $3.1 billion and earnings per share of $0.25 to $0.55.
Solar Materials net sales for the fourth quarter were $279.9 million, an increase of 27% from the third quarter of 2010 and an increase of 93% from the fourth quarter of 2009. Both the sequential and the year-over-year increases were the result of significantly higher wafer volumes and a modest increase in pricing.
Segment operating profit was $38.1 million in the fourth quarter, compared to $17.6 million in the third quarter, and $32.4 million in the prior year quarter. Fourth quarter segment operating profit includes costs associated with the integration of and volume increases at Solaicx. Higher wafer volumes drove both the sequential and year-over-year increases in operating profit.
SunEdison GAAP net sales for the fourth quarter were $307.6 million, compared to net sales of $21.5 million in the third quarter of 2010, and $3.8 million in the prior year quarter. SunEdison non-GAAP net sales for the 2010 fourth quarter were $407.0 million. As previously announced, SunEdison completed the sale of the 70 megawatt (MW) Rovigo project to First Reserve. Consistent with our treatment of similarly structured projects, $58.0 million in revenue for Rovigo deferred in SunEdison's GAAP results was recognized as revenue in the non-GAAP results and $19.7 million in revenue was not recognized in GAAP or non-GAAP results as a result of minority ownership interest in the First Reserve joint venture.
SunEdison's fourth quarter GAAP operating loss was $8.2 million, compared to an operating loss of $7.2 million in the third quarter of 2010. GAAP operating loss in the fourth quarter was driven by the timing difference between recognition of cost and revenue under GAAP real estate accounting. SunEdison's non-GAAP operating income for the fourth quarter was $59.3 million.
SunEdison ended the year with a pipeline of 1,416MW, of which 87MW was under construction at year end. SunEdison uses the term "pipeline" to identify solar energy systems for which SunEd has a signed PPA (Power Purchase Agreement) contract or a secured grid connection site and completed permitting, or document of customer intent/LOI (Letter of Intent) identifying the terms and conditions to develop the proposed transaction. "Under construction" refers to projects within pipeline, in various stages of completion, which are not yet operational.
Makes you want to run out and start building your own Solar Panels!
Source: MEMC....
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