SunEdison (SUNE) closed Q3 with a solar project pipeline of 3.1GW, up 231MW Q/Q and 251MW Y/Y. Project backlog was at 1.1GW, up 28MW Q/Q.
The solar division posted sales of $441.3M, +75% Q/Q and -6% Y/Y. It recognized revenue from 75MW of system sales, up sharply from Q2's 51MW and driving SunEdison's revenue beat. Q4 guidance is for 234MW-264MW of solar sales volume; with analysts already expecting SunEdison's sales to jump 85% Q/Q to $1.24B, some (but perhaps not all) of this growth has been expected.
Another 75MW-80MW of solar systems set to be completed in Q4 will be retained on the balance sheet. 558MW of SunEdison's solar pipeline is now under construction, up from 200MW at the end of Q2.
The semiconductor wafer business, soon to be spun off, remains a laggard: sales -3% Q/Q and -4% Y/Y to $230.7M. Q4 guidance is for revenue of $220M-$230M.
Q3 gross margin was 9.5%, up from Q2's 5.9% but down from 16% a year ago. Free cash flow was $24M, above net income of $4.1M.
Q3 results, PR