Another Quarter Of Loss For SunEdison Inc. (NYSE:SUNE)
SunEdison, Inc. (NYSE:SUNE), after posting two straight quarterly losses, has reported the 2013 third quarter GAAP revenue of $611.5 million. The company posted a net loss of $108 million, or $0.47 loss per share, compared with a profit of $37 million, or $0.16 per share reported last year.
The company’s semiconductor materials segment revenue was down both year over year and sequentially due to both lower volume and prices. Declining Japanese Yen remained a significant challenge.
On the other hand, Solar Energy segment GAAP revenue was up. Q32013 sales included $22.0 million from the termination of a supply contract with Gintech. During the quarter, SunEdison’s Solar Energy witnessed GAAP revenue from solar projects totalling 42 MW, compared to 14 MW in the previous quarter and 48 MW in the same quarter of 2012.
“I am pleased with our third quarter performance, and encouraged by the improved execution our solar and semiconductor teams have demonstrated despite numerous challenges,” commented Ahmad Chatila, Chief Executive Officer. “Relative to last quarter, our Solar Energy segment generated improved results and grew our solar project pipeline and backlog. I am very encouraged by the near-term trends in our solar project business. In Semiconductor Materials, a continued soft market remains our primary challenge, but our position remains as strong as ever.”
For the fourth quarter, the company expects the Semiconductor Materials revenue to be in a range of $220-$230 million, and $920-$930 million for full year of 2013. In addition, Solar energy systems total non-GAAP sales volume to be between 234 MW and 264 MW for the fourth quarter of 2013 and 405-435 MW for full year 2013. The company targets capital spending to be between $130 million and $140 million for full year 2013 and $28- $38 million in the fourth quarter.
Additionally, SunEdison, through its South African affiliate, had received $185 million in foreign debt funding from the Overseas Private Investment Corporation. This amounts to 75% of the R2.4 billion project cost for South Africa’s Boshof Solar Park Project.
On the contrary, rival First Solar, Inc. (NASDAQ:FSLR)’s third quarter profit more than doubled and the company expects a full-year profit to be in a range of $4.25-$4.50 per share on $3.4-$3.6 billion in revenue.