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MEMC swings to profit as solar results improve

3:43 PM MST | November 7, 2012 | Vincent Valk

MEMC Electronic Materials swung to a third-quarter profit of $37 million, compared with a loss of $77 million in the year-ago quarter. Earnings totaled 16 cts/share, compared with analysts’ consensus of a 12 cts/share loss, as reported by Thomson Reuters (New York). Sales were up 17% year-on-year (YOY), to $602 million.   Solar energy sales were up 46% YOY, to $361 million, though they declined 37% sequentially. The YOY increase was due to an improvement in solar project and solar module sales from an extremely weak level in the year-ago quarter. The...

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