SunEdison recognized revenues of $646.2 million in the second quarter of 2014, an increase of 18 percent Q-o-Q and increase of 61 percent Y-o-Y.
Gross margin for the quarter was 4 percent as compared to 8.6 percent in the prior quarter, and 12.3 percent in the year before.
Operating loss was $108.7 million compared to $78.1 million in loss in the previous quarter and $46.6 million in loss the year before.
During the second quarter of the current year, SunEdison’s solar project pipeline grew to 4.3 GW and backlog increased to 1.1 GW at end of quarter.
In another major development the company raised $600 million through a convertible senior note offering and completed SunEdison Semiconductor initial public offering and related transactions.
The company now expects to finish 1GW-1.15GW of solar systems in 2014, at the high end of prior guidance of 900MW-1.15GW.
Revenue is expected to be recognized from 290MW-310MW (down from 460MW-580MW), and 710MW-830MW are expected to be retained (up from 440MW-570MW).
SunEdison forecasts average 2014 project pricing of $2.50-$3.00/watt, better than prior guidance of $2.40-$2.75. That’s providing a lift to EPS, which beat consensus by $0.40 in Q2.
Solar project pipeline rose by 700MW Q/Q in Q2 to 4.3GW, and backlog by 100MW to 1.1GW. Also, 475MW of the pipeline is under construction, up from 463MW at the end of Q1 and 200MW a year ago.
“The second quarter was a transformational period for SunEdison. Our teams superbly executed multiple complex financing initiatives while keeping our core business on track,” said Ahmad Chatila, chief executive officer.
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