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Investors shrug off SunEdison's Q4 miss. Pipeline, retained systems grow.

  • While revenue recognition timing led SunEdison (SUNE +0.8%) to soundly miss Q4 estimates, it also led the company to retain 127MW of solar projects on its balance sheet, above prior guidance of 100MW-110MW.
  • In addition, SunEdison's solar project pipeline (much of which will presumably be attached to the yieldco spinoff) rose by 300MW Q/Q to 3.4GW. Backlog was unchanged at 1.1GW.
  • Revenue was recognized on 206MW of projects, below guidance of 209MW-234MW. 504MW of projects were under construction at the end of Q4, down from 558MW at the end of Q3 (seasonality is a factor) but up from a mere 73MW a year earlier.
  • The chip wafer division (also set for an IPO) had Q4 revenue of $206.7M, -10% Y/Y and near the low end of a revised guidance range of $205M-$215M. The division had a $14.7M Q4 op. loss.
  • Opex (exc. one-time charges) rose 65% Y/Y to $138.4M. Free cash flow was -$46M, and capex $31.9M.
  • Q1 and full-year guidance will be provided at the company's Feb. 25 Capital Markets Day.

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