SAN FRANCISCO—Silicon wafer supplier MEMC Electronic Materials Inc. Wednesday (May 9) reported a first quarter loss of $92 million, but said it expects sales for its semiconductor materials business unit to improve by at least 5 percent sequentially in the second quarter.
Ahmad Chatila, MEMC's CEO, said through a statement that the company believes the first quarter represented a turning point for its semiconductor materials business. "Already in the second quarter, we are seeing improved order volumes and firming pricing," Chatila said.
Charila said solar markets remain challenging, but that MEMC's restructuring to lower costs and improve its competitive position remains on track. The company's previously announced restructuring actions included the shuttering of its polysilicon plant in Merano, Italy, capacity reduction at plants in Portland, Ore., and Kuching, Malaysia, supplier contract terminations and the elimination of about 1,300 jobs, among other actions, MEMC said.
MEMC (St. Peters, Mo.) reported first quarter sales of $519.2 million, down 28 percent compared to the fourth quarter of 2011 and down 29 percent compared to the first quarter of 2011. MEMC said the sequential decline was primarily driven lower solar project sales, significantly lower solar wafer volume and pricing and weaker semiconductor wafer volume and pricing, while the year-over-year decline was attributed to weakness in semiconductor wafer and solar markets.
MEMC reported a net loss in accordance with generally accepted accounting principles (GAAP) of $92 million, or 40 cents per share, narrowed from a loss of $1.48 billion in the fourth quarter but wider than the company's $4.5 million GAAP net loss for the first quarter of 2011.
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