Friday, January 25, 2008

MEMC nearly triples profits in Q4 (WFR)

Talk about a class act.
From the St. Louis Business Journal:

MEMC Electronic Materials Inc. reported Thursday significant growth in both earnings and sales for the fourth quarter and full year 2007, aided primarily by higher product volumes.

For the year ended Dec. 31, MEMC's profits skyrocketed from $369.3 million, or $1.61 per share, to $826.2 million, or $3.56 per share. The company nearly tripled its profits from last year's fourth-quarter earnings of $129 million, or 56 cents per share, to this year's $376.4 million, or $1.62 per share....MORE

And from StreetInsider:
Piper Jaffray Ups Price Target on MEMC Electronic to $95

Piper Jaffray raises its price target on MEMC Electronic (NYSE: WFR) from $88 to $95 and has a Buy rating on the stock.

As a result of MEMC's raised guidance yesterday, Piper Jaffray also needed to raise its FY08 and '09 earnings estimates on the Company. The firm now sees FY08 EPS and sales of $4.52 and $2.45 billion, respectively, up from $4.15 and $2.38 billion. FY09 EPS and revenues are now raised to $5.28 and $3.08 billion from $5.20 and $3.05 billion, respectively....MORE