SunEdison said the company’s loss at the solar energy business widened to $25.2 million in the quarter ended June from $10.8 million, in the first quarter. The business reported a profit of $11.7 million in the second quarter of last year.
The company also reported an adjusted loss in the second quarter of 19 cents per share. Analysts on average had expected a loss of 14 cents per share, Reuters reported.
Total revenue halved to $401.3 million.
The company, which combined its solar businesses last year, now has two businesses: semiconductor materials and solar energy. SunEdison gets nearly two-thirds of its revenue from its solar energy business that designs, installs, finances and maintains solar power plants.
SunEdison’s semiconductor material business will remain week as the wafer market continues to face extended downturn. The semiconductor materials business makes wafers used in chips for computers, mobile phones and cars.
SunEdison has lowered its full-year revenue forecast range for the semiconductor materials business by $20 million to between $940 million and $980 million.
However SunEdison expects a recovery in solar power installations in the current quarter. The forecast adjusted solar energy system sales of 60 megawatt (MW) to 100 MW in the third quarter, up from 51 MW in the second quarter, Reuters said.