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fourth quarter and an operating loss of $26.4 million in the 2009 first quarter.
MEMC’s net loss for the 2010 first quarter was $9.6 million, or $0.04 per share, compared to a net loss of $7.1 million, or $0.03 per share in the 2009 fourth quarter and net income of $2.0 million, or $0.01 per share, in the 2009 first quarter. Results in the 2010 first quarter include a non-cash $5.3 million loss, or $0.02 per share, associated with the valuation adjustment of the Suntech warrants.
“Improving end markets, successful efforts to recapture customer share, and the addition of SunEdison to our portfolio have together driven significant sales growth for the fourth sequential quarter since the severe cyclical downturn,” said Ahmad Chatila, MEMC’s Chief Executive Officer. “The efforts and investments undertaken to rebuild and reposition our company are beginning to deliver results and we believe will become more evident as the year progresses.”
Segment Operating Results Semiconductor Materials Operating Results
Semiconductor Materials sales for the 2010 first quarter were $219.3 million, an increase of 5.6% from fourth quarter 2009 net sales of $207.7 million, and an increase of 273.6% from first quarter 2009 net sales of $58.7 million. The sequential increase in sales was the result of higher wafer volumes and modestly higher wafer prices. The year-over-year increase is attributable to significantly higher wafer volume partially offset by lower prices.
Segment operating loss narrowed to $7.9 million in the 2010 first quarter from $9.6 million in the fourth quarter of 2009 and from $73.4 million in the first quarter of 2009. The sequential improvement in segment operating loss was primarily the result of higher productivity. The year-over-year improvement is attributable to increased volume, fixed cost absorption, and productivity improvements,
partially offset by lower pricing. Solar Materials Operating Results
Solar Materials sales for the 2010 first quarter were $157.7 million, an increase of 8.6% from fourth quarter 2009 net sales of $145.2 million, and an increase of 1.5% from first quarter 2009 net sales of $155.3 million. Both the sequential and year-over-year increases were the result of higher wafer volumes, partially offset by lower wafer prices.
Segment operating profit decreased to $12.2 million in the 2010 first quarter from $32.4 million in the fourth quarter of 2009 and from $67.8 million in the first quarter of 2009. The sequential decrease in segment operating profit was the result of lower wafer pricing and higher wafering costs. The year-over-year decrease is attributable to lower wafer pricing, lower polysilicon sales, and higher wafering costs.
Solar Energy (SunEdison) Operating Results
SunEdison sales for the first quarter were $60.7 million and operating profit was $4.7 million. Because SunEdison was acquired on November 20, 2009, historical SunEdison results are not reflected in our consolidated financial results, and therefore comparisons to prior periods are not meaningful. During the quarter, SunEdison successfully interconnected 10.9 MW of solar power projects. These projects included 6.7 MW of international projects that were sold to third parties and 4.2 MW of domestic projects that were funded with non-recourse financing.
Corporate/Other
Corporate/other cost was $24.3 million in the 2010 first quarter, compared to $27.6 million in the fourth quarter of 2009 and $20.8 million in the first quarter of 2009. The sequential decrease was the result of higher costs in the fourth quarter related to professional services for the SunEdison acquisition.
June
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