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.

Copyright 2010 American City Business Journals

Copyright 2010