MEMC Electronic shares retreat in premarket trading after 2010 guidance

MEMC Electronic shares slide on 2010 outlook

ST. PETERS, Mo. — While MEMC Electronic Materials said Thursday it expects 2010 to be a “good year,” its profit expectations sent company shares plummeting.

The midpoint of guidance for the company was below what Wall Street expected and shares tumbled more than 11 percent.

The company, which makes wafers for semiconductors and silicon for solar cells, forecast earnings of 70 cents to 80 cents per share for the year, on sales of $1.75 billion to $1.85 billion.

Analysts, on average, are expecting a profit of 78 cents per share on revenue of $1.61 billion, according to a poll by Thomson Reuters.

Shares of MEMC Electronic Materials Inc. fell $1.55 to $12.08.