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MEMC reports record third quarter results |
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Feb 04, 2005 at 06:00 PM |
MEMC Electronic Materials, Inc has reported financial results for the
quarter ended September 30, 2004. The Company reported net sales of
$275.3 million, which represents an increase of 7.7% from the second
quarter level of $255.5 million and an increase of 40.5% over the third
quarter 2003 level of $195.9 million. Increased product volumes, higher
selling prices, and a richer mix of products drove the sequential
improvement, according to the company.
The Company reported record gross margin in the quarter of $110.7
million, or 40.2% of net sales, compared to $87.2 million, or 34.1% of
net sales, in the second quarter and $58.5 million, or 29.9% of net
sales, in the 2003 third quarter. MEMC attained record operating income
during the quarter of $83.6 million, or 30.4% of net sales. This
compares to $60.0 million, or 23.5% of net sales, for the second
quarter and $36.5 million, or 18.6% of net sales, for the 2003 third
quarter.
"Our continued focus on cost reduction combined with a significantly
richer mix of products and price increases, allowed us to cross the 40%
gross margin mark for the first time in our history," said Nabeel
Gareeb, MEMC's Chief Executive Officer. "In addition, operating income
came in at over 30% of net sales, also representing a record for the
Company, and showing the strength of the business model we put in place
over two years ago."
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