SunEdison Reports First Quarter Results

About SunEdison

SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers.  SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.SunEdison.com.

Forward-Looking Statements

Certain matters discussed in this press release are forward-looking statements, including that for the second quarter of 2015, the company expects Unlevered Annualized CAFD for Retained MW to be between $35 million and $40 million, Third Party Sales MW to be in the range of 55 MW to 70 MW,  Retained MW to be between 245 MW and 270 MW, Total MW to be between 300 MW and 340 MW; that for the 2015 full year, expects Unlevered Annualized CAFD for Retained MW to be between $275 million and $325 million,  Third Party Sales MW to be between 260 MW and 300 MW,  Retained MW to be between 1,840 MW and 2,000 MW, Total MW to be between 2100 MW and 2300 MW and that we expect to retain on the balance sheet most of the projects currently under construction.  Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include concentrated project development risks related to large scale solar projects; the availability of attractive project finance and other capital for Solar Energy projects; market demand for our products and services; changes in the pricing environment for silicon wafers and polysilicon, as well as solar power systems; the availability and size of government and economic incentives to adopt solar power, including tax policy and credits and renewable portfolio standards; the ability to effectuate and realize the savings from the restructuring plan; our ability to maintain adequate liquidity and compliance with our debt covenants; the need to impair long lived assets or other intangible assets due to changes in the carrying value or realizability of such assets; the effect of any antidumping or countervailing duties imposed on photovoltaic cells and/or modules in connection with any trade complaints in the United States, Europe or elsewhere; the result of any Chinese government investigations of unfair trade practices in connection with polysilicon exported from the United States or South Korea into China; changes to accounting interpretations or accounting rules; existing or new regulations and policies governing the electric utility industry; our ability to convert solar project pipeline into completed projects in accordance with our current expectations; dependence on single and limited source suppliers; utilization of our manufacturing volume and capacity; the terms of any potential future amendments to or terminations of our long-term agreements with our solar wafer customers or any of our suppliers; general economic conditions, including interest rates; the ability of our customers to pay their debts as they become due; changes in the composition of worldwide taxable income and applicable tax laws and regulations, including our ability to utilize any net operating losses; failure of third-party subcontractors to construct and install our solar energy systems; quarterly fluctuations in our Solar Energy business; the impact of competitive products and technologies; inventory levels of our customers; supply chain difficulties or problems; interruption of production; outcome of pending and future litigation matters; good working order of our manufacturing facilities; our ability to reduce manufacturing and operating costs; assumptions underlying management's financial estimates; actions by competitors, customers and suppliers; changes in the retail industry; damage to our brand; acquisitions of pipeline in our Solar Energy segment; changes in product specifications and manufacturing processes; changes in financial market conditions; changes in foreign economic and political conditions; changes in technology; changes in currency exchange rates; with respect to the separation of the semiconductor business, SunEdison Semiconductor Limited, our publicly traded subsidiary TerraForm Power, Inc.:  (i) which may involve a greater exposure to liability than our historic business operations, and (ii) we may be involved in various conflicts of interest which could be resolved in a manner unfavorable to us, we may not be able to achieve some or all of the expected benefits; anticipated benefits in connection with the First Wind acquisition; and other risks described in the company's filings with the Securities and Exchange Commission. In addition, we are exposed to risks associated with certain obligations to TerraForm Power associated with the initial portfolio, future Call Right Projects and interests in additional clean energy projects. The forward-looking statements contained in this press release represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.


 

-tables to follow-

 

 


SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In millions; except per share data)



Three Months Ended,


March 31, 2015


December 31,

 2014


March 31, 2014

Net sales

$

323



$

406



$

340


Cost of goods sold

289



348



302


Gross profit

34



58



38


Operating expenses:






Marketing and administration

193



174



88


Research and development

5



8



5


Restructuring charges

53





7


Long-lived asset impairment charges



33




Operating loss

(217)



(157)



(62)


Non-operating expense (income):






Interest expense

156



134



67


Interest income

(2)



(2)



(3)


Loss on early extinguishment of debt

20






Loss on convertible notes derivatives, net





452


Other, net

16



14



7


Total non-operating expense

190



146



523


Loss from continuing operations before income tax (benefit) expense and equity in
(loss) earnings of equity method investments

(407)



(303)



(585)


Income tax (benefit) expense

(106)



(27)



17


Loss from continuing operations before equity in (loss) earnings of equity method investments

(301)



(276)



(602)


Equity in (loss) earnings of equity method investments, net of tax

(4)



(1)



1


Loss from continuing operations

(305)



(277)



(601)


Loss from discontinued operations, net of tax

(119)



(11)



(15)


Net loss

(424)



(288)



(616)


Net loss attributable to noncontrolling interests and redeemable noncontrolling interests

52



46



2


Net loss attributable to SunEdison stockholders

$

(372)



$

(242)



$

(614)








Amounts attributable to SunEdison stockholders:






Loss from continuing operations

$

(251)



$

(231)



$

(599)


Loss from discontinued operations, net of tax

(121)



(11)



(15)


Net loss attributable to SunEdison stockholders

$

(372)



$

(242)



$

(614)








Basic loss per share:






Continuing operations [*]

$

(0.92)



$

(0.85)



$

(2.25)


Discontinued operations

(0.44)



(0.04)



(0.06)


Total basic loss per share [*]

$

(1.36)



$

(0.89)



$

(2.31)








Diluted loss per share:






Continuing operations [*]

$

(0.92)



$

(0.85)



$

(2.25)


Discontinued operations

(0.44)



(0.04)



(0.06)


Total diluted loss per share [*]

$

(1.36)



$

(0.89)



$

(2.31)








Weighted-average shares used in computing basic loss per share

273



271



267


Weighted-average shares used in computing diluted loss per share

273



271



267


[*] For the three months ended March 31, 2014, the numerator of the EPS calculation was reduced by $3 million for the holder's share of the net income of the subsidiaries as a result of a share sale agreement entered into with the noncontrolling interest holder.


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