MEMC reports sales increase in first quarter

Wafer manufacturer MEMC Electronic Materials has reported financial results for the quarter ended 31 March 2010, posting net sales of $437.7m (£287m) – an increase of 23 per cent from fourth-quarter 2009 sales of $356.7m and an increase of 105 per cent from first-quarter 2009 net sales of $214m.

Gross profit in the quarter was $59.3m, or 13.5 per cent of net sales, compared with $53m, or 14.9 per cent of net sales, in the 2009 fourth quarter and $19.7m, or 9.2 per cent of net sales, in the 2009 first quarter.