SunEdison cuts Q2 2014 net loss to USD 41m

Aug 8, 2014 - US semiconductor materials and solar energy firm SunEdison Inc (NYSE:SUNE) said yesterday its second-quarter net loss had narrowed to USD 41.2 million (EUR 31m) from USD 102.9 million a year earlier as solar project orders rose.

The improvement was very significant in quarterly terms as in the first three months of 2014, the firm posted a net loss of USD 613.6 million.

The company, formerly known as MEMC Electronic Materials Inc, explained that its bottom line in the reporting period had been positively impacted by a benefit of USD 145.7 million from fair value adjustments as well as other gains. CEO Ahmad Chatila noted that with the growing project pipeline, the group is “ increasingly well positioned to succeed.”

On a non-GAAP basis, SunEdison posted a net profit of USD 33.7 million in April-June, versus a loss of USD 42.4 million in the year-ago period.

GAAP and Non-GAAP gross margins stood at 4% and 4.6%, declining from 12.3% and 5.9%, respectively.

SunEdison’s second-quarter revenues improved to USD 646.2 million from USD 401.3 million, mainly thanks to the contribution from the solar project division. The segment generated revenues of USD 431.6 million, as compared to USD 161.2 million in the year-ago period and USD 340.4 million in the first quarter of 2014, thanks to increased solar project volume and sales of solar materials.

SunEdison added 684 MW of solar capacity to its project pipeline, which amounted to 4.3 GW at end-June. Order backlog was 1.1 GW. About 475 MW of of capacity was under construction.

(USD 1.0 = EUR 0.749)

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