RSS   Newsletter   Contact   Advertise with us

SunEdison Q1 GAAP loss per share $2.31

Staff writer ▼ | May 9, 2014
SunEdison, Inc. announced 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.
SunEdison
SunEdisonSunEdison, Inc. announced 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.

Operating cash used in the 2014 first quarter was $215.2 million and was primarily the result of changes in working capital and project construction. Approximately $83.8 million of debt related to projects sold were assumed by counterparties, for which such cash inflows were recorded as financing activities and are not included in operating cash flows.

Free cash flow was ($110.8) million and was largely influenced by solar energy project financing and solar project construction activities, and capital expenditures.

Capital expenditures were $20.1 million in the 2014 first quarter. Similar to the 2013 fourth quarter, the majority of 2014 first quarter capital expenditures were incurred in the Semiconductor Materials segment.

During the 2014 first quarter, the company closed on $150 million of a $300 million non-recourse construction revolver, replacing the previous $150 million revolver in place since 2012. In addition, the company closed on a $250 million non-recourse facility for the acquisition of certain renewable energy generation assets.

The company ended the 2014 first quarter with cash and cash equivalents of $463.4 million and cash committed for construction projects of $178.2 million, for a total of $641.6 million.

First quarter 2014 GAAP earnings per share was ($2.31) and non-GAAP earnings per share was ($0.25). Non-GAAP earnings per share excluded a non-cash charge of ($1.09) per share, net of tax, related to fair value adjustments on the convertible note related derivatives primarily resulting from the large increase in the company's share price during the period.


 

MORE INSIDE POST