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Wednesday, February 19, 2014

SunEdison posts larger loss as it sells fewer solar farms, (NYSE: SUNE)

U.S. solar company SunEdison Inc reported a larger quarterly net loss as it sold fewer solar projects and sales in its semiconductor business fell. The company's net loss widened to $286.4 million, or $1.07 per share in the fourth quarter, from $11.8 million, or 5 cents per share, a year earlier.Sales in its semiconductor business, which makes wafers used in chips for computers, mobile phones and cars, fell 10 percent. The business contributed about 37 percent to sales in the quarter. The rest came from its solar energy unit.Revenue fell 8 percent to $551.2 million.The company plans to spin off some solar power plants into a publicly listed company, rather than selling them, to raise funds for new projects.

SunEdison Inc, formerly MEMC Electronic Materials, Inc is engaged in the development, manufacture and sale of silicon wafers. Shares of SUNE traded higher by 6.75% or $0.96/share to $15.18. In the past year, the shares have traded as low as $3.95 and as high as $15.22. On average, 10098500 shares of SUNE exchange hands on a given day and today's volume is recorded at 22565010.