SunEdison Cuts Sales Guidance; Stock Down - Update

(RTTNews) - Semiconductor and solar technology company SunEdison Inc. (SUNE) on Wednesday cut its sales outlook for the fourth quarter and fiscal year 2013, due mainly to market weakness that continues to hurt unit volumes.

The announcement had a deleterious impact on SunEdison shares which lost 8 percent in after-hours trade on the New York Stock Exchange.

Separately, SunEdison said it plans to offer senior notes to restructure its debt.

St. Peters, Missouri-based SunEdison now expects fourth-quarter semiconductor materials sales of $205 million to $215 million, from prior range of $220 million to $230 million. The company expects to sell 209 to 234 megawatts of solar projects, from earlier range of 234 to 264 megawatts.

For fiscal year 2013, SunEdison anticipates semiconductor materials sales of $905 million to $915 million, from prior range of $920 million to $930 million. Solar project sales are now forecast between 380 and 405 megawatts, from earlier range of 405 to 435 megawatts.

SunEdison still expects to complete projects of 309 to 344 megawatts in the fourth quarter, and 505 to 540 megawatts in 2013.

In an effort to retain more long-term project value, the company has chosen to keep additional solar projects on its balance sheet in the fourth quarter rather than sell them.

Last month, SunEdison posted a third-quarter net loss of $108 million, compared to net income of $37 million. Sales climbed to $611.5 million from $601.6 million.

SunEdison plans to offer $400 million aggregate principal amount of convertible senior notes due 2018 and $400 million aggregate principal amount of convertible senior notes due 2021 in a private placement.

SunEdison stock closed Wednesday at $12.79, down $0.23 at 1.77%, on a volume of 5.5 million shares. In after hours, the stock dropped $1.04 or 8.13%, trading at $11.75. In the past year, the stock trended in the range of $3.03 - $13.83.