By St. Louis Business Journal

MEMC Electronic Materials Inc. saw its second-quarter net income attributable to shareholders soar to $13.8 million, compared to net income of $1.4 million in last yearâ¿¿s quarter. But analysts had expected more.

MEMC said after the market closed Thursday that for the quarter ended June 30, it posted net sales of $448.3 million, up more than 58 percent from $282.9 million in the second quarter of 2009.

However, analysts had expected the solar wafer maker to earn 9 cents per share, instead of the 6 cents reported, on more than $466 million in revenue, according to Thompson Reuters.

Revenue in the recent quarter include $30.7 million in sales from Beltsville, Md.-based SunEdison, the solar power plant developer MEMC acquired in November last year for $200 million. SunEdisonâ¿¿s second-quarter sales were down 49 percent from the first quarter this year.

MEMCâ¿¿s second quarter 2010 results included an $11.9 million insurance recovery related to disruption at its Pasadena, Texas, facility by Hurricane Ike in 2008. The company also saw a non-cash benefit of $15.5 million in from the closure of two IRS audits, and a $6.8 million noncash loss from a valuation adjustment of its warrant to purchase shares of customer Suntech, a Chinese Solar energy company.

In the second quarter, MEMC completed its $76 million purchase of Solaicx, a Santa Clara, Calif.-based maker of silicon ingots for the solar industry.

MEMC said it now expects to beat its previous 2010 revenue guidance of $1.75 billion to $1.85 billion, but expects earning per share to be below its previous outlook of 70 cents to 80 cents per share.

St. Peters, Mo.-based MEMC Electronic Materials Inc. (NYSE: WFR), led by Chief Executive Ahmad Chatila, manufactures wafers for the semiconductor and other industries, and develops solar power projects and provides solar energy services through its SunEdison division.

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