SunEdison Q4 loss widens to $286.4m
SunEdison’s fourth quarter net loss widened to $286.4m, or $1.07 per share, but investors drove the stock up almost 4% in New York after the company affirmed its strategy of retaining solar power projects to enhance long-term profitability.
Holding on to projects actually led to a larger loss, while sales slid 10% in the company’s semiconductor segment.
SunEdison says that retaining 127MW of projects on its balance sheet led it to relinquish roughly $100m in gross margin, but added more than one and one-half times that in value.
The company lost $11.8m, or 5 cents a share, a year earlier. Third quarter net loss was $108m, or 47 cents a share.
Revenue last quarter was $551.2m versus $600.7m a year earlier and $611.5m in the third quarter.
The company’s solar unit in the fourth quarter had a $135.7m net loss on $344.5m in sales versus a $91.8m net profit a year earlier.
SunEdison develops solar projects, and manufactures PV components.
For 2013, net loss was $613.9m, or $2.46 per share, versus $148.7m, or 66 cents in 2012.
The solar project pipeline was 3.4GW at the end of the fourth quarter, up 805MW from a year earlier.