MEMC reported that its fourth quarter EPS was $0.25 on revenue of $850 million. Analysts had been expecting EPS of $0.34 on revenue of $901 million. On a non-GAAP basis, revenue totaled $949.5 billion, which includes adjustments for GAAP real estate and lease accounting. It is the guidance ahead that drove shares. For 2011, MEMC sees non-GAAP sales of $3.4 to 3.7 billion and earnings of $1.00 to $1.30 EPS. Estimates for all of 2011 were only $1.00 EPS and $2.65 billion in sales. MEMC shares are trading up 11.3% at $12.95 on the day against a 52-week range of $9.19 to $16.99.
Reporting after the close today is GT Solar International, Inc. (NASDAQ: SOLR) and it is participating in the rally as well. Thomson Reuters has estimates of $0.38 EPS and $251.9 million in revenues. If it offers guidance, those estimates for next quarter ar $0.38 EPS and $228.9 million in revenues and the annual 2011 estimates (actually March-2012) $1.26 EPS and $869.13 million in revenues. Shares are up 2.7% at $11.50 and the 52-week range is $4.90 to $11.95. GT Solar shares are up 2.7% at $11.50 versus a 52-week range of $4.90 to $11.95.
JA Solar Holdings Co., Ltd. (NASDAQ: JASO) reports late next week. Of the recent solar names, it seems to have been battered more than others as analysts downgraded the shares. With a $1.2 billion market cap, shares are up today by over 6% to $7.40 versus a 52-week range of $4.22 to $10.24.
SunPower Corporation (NASDAQ: SPWRA) reports on or about February 17, and its shares are up 6.5% at $14.75 today against a 52-week range of $9.61 to $22.19.
First Solar Inc. (NASDAQ: FSLR) is one we are still awaiting an earnings date on. The company’s most recent guidance was given in December for a full 2011 outlook. On December 14, 2010, First Solar gave a 2011 outlook as follows: For 2011… net sales in the range of $3.7 to $3.9 billion, up about 46% year over year; the net sales forecast is comprised of $2.8 to $2.9 billion of module sales and $0.9 to $1.0 billion of EPC/project development sales. Earnings of between $8.75 to $9.50 EPS and consolidated operating income was put at $875 to $975 million with operating cash flows put at $1.0 to $1.1 billion for the year. First Solar also noted that it plans to invest $1.0 to $1.1 billion of capital to nearly double production capacity by year-end 2012, to maintain existing capacity and to add infrastructure to support growth. Shares of First Solar are up over 5% at $164.13 and shares hit a new 52-week high today of $165.90.
Another issue helping the sector is word that Germany has apparently reached terms on solar feed-in tariff cuts for 2011.
The Guggenheim Solar ETF (NYSE: TAN) is a pure-play ETF for solar stocks and it is up 4.8% at $8.51 today against a 52-week range of $6.02 to $9.34. The PowerShares WilderHill Clean Energy ETF (NYSE: PBW) has a large portion of its holdings tied to solar and its shares are up 1.9% at $10.88 versus a 52-week range of $4.00 to $11.10.
JON C. OGG
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