US-based polysilicon maker MEMC has reported first-quarter 2013 financial results with net sales of US$443.6 million, down 26% on quarter and 15% on year. The firm reported first-quarter gross margin of 11.2%, lower than 18% in the fourth quarter of 2012 but higher than 9.6% in the first quarter of 2012. Net loss was US$89.4 million in the first quarter, compared to net loss of US$11.8 million in the fourth quarter of 2012 and the net loss of US$98.6 million in the first quarter of 2012.
According to MEMC, first quarter sales from the semiconductor material segment were US$229.8 million, representing an on-quarter increase of 1% and an on-year increase of 6%. However, net sales from the solar energy segment were US$213.8 million in the first quarter, down by 43% on quarter and 29% on year.
The firm noted that the on-quarter revenue increase in the semiconductor material segment "was primarily driven by higher volumes of small diameter products despite the price decline across all diameters." As for falling revenues in the solar energy segment, MEMC added that it was the result of lower sales in solar projects and materials, and a change in the product mix. MEMC disclosed the solar energy segment ended with a project pipeline of 2.7GW in the first quarter of 2013.
According to the firm's consolidated balance sheet, the debt ratio at the end of the first quarter of 2013 was 88%.
The firm expects semiconductor material segment to see revenues between US$235-245 million in the second quarter of 2013 and revenues between US$0.96-1 billion for the full year of 2013. The firm expects 2013 capex to be between US$120-140 million, said MEMC.
