SunEdison, Inc. announces its financial results for the 2014 first quarter which reflected continued progress in solar projects retained in its Solar Energy segment and sequentially improving volumes in its Semiconductor Materials segment. Solar pipeline grew sequentially, and gross additions were 323 MW.
"During the 2014 first quarter, we continued our efforts to build and retain solar projects," said Ahmad Chatila, Chief Executive Officer. "We expect 2014 to be a strong year for solar project completions, based on our growing pipeline and our project construction plans over the next few quarters. The Semiconductor Materials segment grew units sequentially and our cost reduction and manufacturing efficiency programs are progressing well. We continue to believe that business segment remains well positioned for the long term."
First Quarter 2014 Highlights:
- GAAP revenue of $546.5 million and GAAP EPS of ($2.31)
- Non-GAAP revenue of $577.6 million and non-GAAP EPS of ($0.25)
- Solar Energy non-GAAP revenue related to 76 MW of solar energy systems, 74 MW of solar energy systems retained and 463 MW under construction at quarter end
- Solar project pipeline grew to 3.6 GW and backlog was 1.0 GW at end of quarter
- Closed $150 million of a $300 million non-recourse revolving construction facility
- Closed $250 million non-recourse facility for portfolio acquisitions
