SunEdison Sinks as Second Quarter Loss Missed Estimates
SunEdison Inc. (SUNE), the solar power and semiconductor maker formerly known as MEMC Electronic Materials Inc., dropped the most in 14 months after reporting a loss greater than analysts had expected.
SunEdison fell 24 percent to $7.39 at the close in New York, the biggest drop since May 10, 2012. The shares had more than quadrupled in the past year.
The net loss climbed to $102.9 million, or 45 cents a share, from $77.2 million, or 33 cents, a year earlier, the St. Peters, Missouri-based company said today in a statement. That’s more than the 18-cent average loss of six analyst estimates compiled by Bloomberg.
SunEdison makes polysilicon wafers that can be used in semiconductors and solar cells, and also develops and builds solar power systems for homes and businesses.
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