MEMC Electronic Materials Moves To Profit In 4Q

ST. PETERS, Mo. (AP) - Silicon wafer manufacturer MEMC Electronic Materials Inc. said Tuesday it moved to a profit in the fourth quarter, as revenue more than doubled, aided by the acquisition of solar energy provider SunEdison last year.

The company reported net income of $11.4 million, or 5 cents a share, for the three months ended Dec. 31. That compares with a loss of $7.1 million, or 3 cents a share, in the prior-year period.

Excluding one-time items, the company earned 25 cents a share.

Revenue jumped to $850.1 million from $356.7 million the year before.

Analysts surveyed by FactSet anticipated earnings of 33 cents a share on $885.8 million in revenue.

The SunEdison business, which MEMC bought in November 2009, accounted for $307.6 million in revenue for the quarter, versus $3.8 million in the prior-year period.

Semiconductor materials net sales for the quarter rose 26 percent to $262.6 million from the prior-year quarter. The increase was primarily driven by significantly higher volume and higher wafer pricing, the company said.

MEMC's solar materials segment saw sales jump 93 percent versus the prior-year quarter to $279.9 million.

For the full year, the company earned $33.2 million, or 15 cents a share, compared with a loss of $68.3 million, or 31 cents a share, in 2009. Revenue rose to $2.24 billion from $1.16 billion.

The company said it expects adjusted 2011 earnings per share to range from $1 to $1.30 cents and for revenue to range from $3.4 billion to $3.7 billion. Analysts expect earnings of 99 cents a share on $2.64 billion in revenue, according to FactSet.

MEMC shares rose 39 cents, or 3.4 percent, to $12.02 in aftermarket trading on Tuesday. The stock added 54 cents, or 4.9 percent, to $11.63 during the regular session.