ST. PETERS, Mo.
MEMC Electronic Materials Inc. said Thursday that its second-quarter profit rose on higher revenue.
Results missed analyst estimates, however, and the company said it expects to miss its previous profit guidance for the year, sending shares lower in extended trading.
MEMC, which makes wafers for computer chips and silicon for solar cells, said it earned $13.8 million, or 6 cents per share, up from $1.4 million, or a penny per share, during the same period last year.
Revenue rose 58.5 percent to $448.3 million from $282.9 million.
Analysts surveyed by Thomson Reuters expected profit of 9 cents per share on revenue of $466.2 million.
The company said it expected to earn less than its previous estimate of 70 cents to 80 cents per share for the full year. The company expects revenue to top its prior forecast of $1.75 billion to $1.85 billion, however.
Analysts forecast profit of 66 cents per share on revenue of $2.04 billion.
MEMC shares fell 24 cents, or 2.1 percent, to close at $11.26. they fell another 76 cents, or 6.8 percent, to $10.50 in aftermarket activity. The stock has ranged from $9.51 to $19.31 over the past year.