Here is another one for today. WFR missed EPS mark by 0.01(0.23 instead of 0.24) and the stock is being "hammered".
<<MEMC Electronic Shares Drop on 1Q Report
Thursday April 28, 6:36 pm ET
MEMC Electronic Materials Stock Drops As First-Quarter Earnings Miss Analysts' Target
ST. PETERS, Mo. (AP) -- Shares of wafer maker MEMC Electronic Materials Inc. dropped in late trading on Thursday after the company said first-quarter earnings more than doubled, but fell short of Wall Street's target due to weak demand.
MEMC Electronic shares fell 55 cents, or 4.5 percent, to close at $11.62 on the New York Stock Exchange, and then slid another 62 cents, or 5.3 percent to $11 in after-hours activity.
Net income more than doubled to $77.2 million, or 34 cents per share, from $35.9 million, or 16 cents per share, a year ago. Excluding favorable tax adjustments, which added 11 cents per share to the current quarter's results, the company earned 23 cents per share in the latest period.
Analysts surveyed by Thomson Financial expected the company to earn 24 cents per share on revenue of $267.2 million.
Net sales rose 13 percent to $257.9 million from $228.7 million last year, while the cost of sales grew to $164.5 million. Gross margin rose to $93.3 million from $73.3 million in 2004.
"A slower-than-anticipated market recovery had an impact on our first quarter results. In addition to the market weakness, two specific customer related issues caused a temporary slowdown in our growth in March. However, we have implemented the appropriate actions and are in the process of increasing volumes again," said CEO Nabeel Gareeb in a statement.
The company anticipates second-quarter sales will rise 2 percent to 5 percent from the current quarter, citing increased cost reductions which it expects to help offset price weakness. Analysts have pegged second-quarter earnings at 26 cents per share on revenue of $277.3 million.>> |
