ST. PETERS, Mo. (AP) ? Shares of MEMC Electronic Materials Inc. soared Wednesday after the company reported second-quarter results well above Wall Street's expectations, helped by improvements in both its semiconductor materials and solar energy businesses.
The company lost $61.3 million, or 27 cents per share, in the April-June period. That compares with earnings of $47.3 million, or 21 cents per share, in the same period a year earlier.
Excluding one-time items, MEMC earned $32.9 million, or 14 cents per share, in the latest quarter.
Revenue rose 8 percent to $808.4 million from $745.6 million.
Analysts, on average, were expecting a loss of a penny per share, on revenue of $722.2 million, according to FactSet. Wall Street estimates typically exclude one-time gains and charges.
"We sold several large European solar projects despite highly uncertain market conditions, and we experienced stronger semiconductor wafer demand," said CEO Ahmad Chatila in a statement.
Shares rose 37 cents, or 18 percent, to $2.43 in midday trading. The stock has traded in the 52-week range of $1.44 and $7.26.
Source: http://news.yahoo.com/memc-stock-soars-strong-2nd-quarter-results-163913761--finance.html
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