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MEMC (WFR -5.6%) slumps following a mixed Q1 report and equally mixed guidance. Though revenue...

MEMC (WFR -5.6%) slumps following a mixed Q1 report and equally mixed guidance. Though revenue beat estimates thanks to 45MW of solar system sales (above guidance of 10MW-38MW), EPS missed due to a mix shift towards low-price EPC solar projects - this contributed to a 680 bps Q/Q drop in gross margin to 11.2%. MEMC's 2013 chip materials guidance was raised to $960M-$1B from $940M-$990M, but Q2 revenue is only expected to rise to $235M-$245M from Q1's $230M. Likewise, 2013 solar guidance is raised by 10MW to 430MW-500MW, but Q2 guidance is for only 29MW-54MW. This makes a consensus for 36% Q/Q rev. growth appear excessive. (PR)
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