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REC Silicon swings to loss in Q1

REC Silicon ASA said its normalized net income for the first quarter was a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 cents per share.

The per-share result swung to a loss from the prior-year profit of 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $51.8 million, compared with income of $26.3 million in the year-earlier period.

The normalized profit margin fell to negative 75.3% from 35.4% in the year-earlier period.

Total revenue fell 7.5% year over year to $68.8 million from $74.4 million, and total operating expenses grew 26.4% year over year to $108.6 million from $85.9 million.

Reported net income came to a loss of $64.4 million, or a loss of 3 cents per share, compared to income of $46.6 million, or 2 cents per share, in the year-earlier period.