MEMC Electronic Materials Inc. (NYSE: WFR), a silicon manufacturer, reported that its first-quarter profit doubled on 29% revenue growth as it made its first shipments of its new solar wafers.
The company reported profit of $134.7 million on revenue of $440.4 million, compared with profit of $67.3 million on revenue of $341.5 million in the same period of 2006.
Analysts were expecting the company to earn $0.69 per share on $444 million in sales. Shares traded down sharply after market hours, as the current valuation requires the company to beat numbers just to stay in place.
MEMC Chief Executive Nabeel Gareeb said, “We are pleased to have grown revenue by almost 5 percent over the previous quarter, despite some semiconductor application areas being weaker than anticipated. Solar demand, however, remained healthy.”
For the second quarter, MEMC officials expect revenue between $460 million and $470 million.
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