MEMC Electronic Materials hit the jackpot today after announcing a 10-year, $8-billion deal to supply silicon wafers to German energy tycoon Conergy. On top of that, WFR amended its existing contract with Taiwan's Gintech Energy, expecting to generate as much as $800 million over 10 years.
The deal was revealed in the company's third-quarter earnings report, which noted MEMC's earnings climbed to $151.5 million, or 65 cents a share, from $91.1 million, or 40 cents a share, a year earlier. Excluding items, the company raked in 81 cents a share, one cent better than analysts expected. MEMC's sales also saw a gain, rising to $472.8 million, a 15.9% uptick from a year ago.
The company expects fourth-quarter revenue to come in between $540 million and $545 million, in line with analysts' predictions of $541.8 million.
As a result of the triad of good news today, WFR shares have risen as much as 19.4% during intraday trading, marking a new all-time high. Currently, shares of MEMC are at $68.60, up 15.68%.