Corrected: MEMC reports stronger fourth quarter earnings

(This is a corrected version of an earlier ”Bizz Ticker” item that first appeared on Thursday, Jan. 24. The original version misstated MEMC’s earnings for the fiscal year.)

MEMC Electronic Materials Inc. reported today stronger fourth quarter earnings Thursday driven by higher product volume.  

O’Fallon, Mo.-based  MEMC makes silicon wafers used in many electronic applications and solar batteries.

Earnings were $376.4 million for the fourth quarter ended Dec. 31,  MEMC said in a release.  That was a 192 percent increase from earnings of $129 million for the same period a year ago.

Earnings per share came to $1.62 for the quarter, an 189 percent increase from 56 cents per share a year ago. The company’s performance beat expectations of 96 cents per share, according to analysts surveyed by Thomson Financial.

Sales for the fourth quarter were $535.9 million, up 27 percent from $420.6 million in the period a year ago. For the full-year, the company’s earnings were $826.2 million, or $3.56 per share. Those figures were improved from $369.3 million a year ago, or $1.61 per share.The company reported $1.92 billion in sales for the fiscal year, an improvement of about 25 percent from $1.54 billion a year ago.