MEMC Electronic Materials (WFR) is reporting Q4 preliminary results this morning. The company anticipates revenue in the range of $753 – $792 million with non GAAP EPS loss in the range of .17 – .23/share.
"We responded to the continuing cyclical downturn in the semiconductor industry and the severe market disruption in the solar market by taking decisive action through a significant restructuring that we believe will strengthen our business going forward," said Ahmad Chatila, MEMC’s Chief Executive Officer. "Although our solar business achieved record growth in 2011, interconnections, which exceeded 100 MW in the fourth quarter, fell short of our expectations. As we begin 2012, our focus is on operational excellence in completing our restructuring plan and profitably growing our solar and semiconductor businesses."
The company is expected to report official results after the bell on Feb 15th.
The stock is holding up well this morning despite the less than bullish news and technically, there is some glimmer of hope for WFR. The stock surged above the 50 day moving average Jan 11th and has been able to hold what is now a new support level. I think shares of WFR are compelling down here at least for a smaller scale in trade. It appears the worst may indeed be over for shares of WFR.