SunEdison Beats Big on the Bottom Line
Semiconductor and solar technology specialist SunEdison reported third-quarter results today before the markets opened, showing that it posted adjusted revenues of $672 million, down 5% from the same period in the previous year, and ahead of the $555 million Capital IQ consensus estimate.
While adjusted net income came in at $4.1 million, or break-even on a per-share basis, which was a big drop from $70.5 million, or $0.30 per share, in the same period in 2012, it was still $0.12-per-share better than the CapIQ estimates of a loss of $0.12 per share.
SunEdison says that while it suffered from a soft market in its semiconductor materials segment, it's been able to keep key customer relationships despite having to streamline costs and that the business has improved all around sequentially.
The semi and solar tech specialist expects to generate revenues of $220 million to $230 million in its semiconductor materials segment in the fourth quarter. Analysts anticipate SunEdison will post earnings of $0.38 per share on net sales of $1.24 billion.
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