MEMC maintains its 3Q revenue forecast

MEMC Electronics Materials Inc. said today that it is on target to meet its revenue predictions for the third quarter that ends Sept. 30.

The O’Fallon, Mo.-based company, which makes silicon wafers for electronic applications and solar batteries, said it expects revenue of $560 million to $620 million.  MEMC first released that prediction in July, when it said it fell short of its second-quarter estimates because of the failure of a relatively new heat exchanger at its Merano, Italy, facility and a fire at its Pasadena, Texas, plant.

In a statement released today, Chief Executive Nabeel Gareeb said “the polysilicon production rates at our Pasadena facility have been at levels that, combined with the strength of demand from solar applications customers, could allow us to achieve results in the upper half of our targeted financial range.”

Still, Gareeb tempered that statement by saying there is weaker demand from semiconductor applications customers and the potential for “unanticipated events to occur.” Because of those factors, the company did not change its third-quarter prediction. The revenue target of $560 million to $620 million is 18 percent to 31 percent more than the revenue reported in the third quarter of 2007.

MEMC is expected to announce its third-quarter earnings at the end of October.