SunEdison posted a US$0.12 earnings per share (EPS) profit in the second quarter of 2014 as the company’s projects business enjoyed strong growth.
The company has negotiated a complex financial period of late with the IPO of its semiconductor division, a bond placement and the IPO of its spin-off yield co, TerraForm Power, shortly after the conclusion of Q3.
Revenue of US$646.2 million was an improvement of 61% on the same period last year. EPS in the same period last year was a a loss of US$0.19.
It retained an additional 164MW of projects on its balance sheet, 44MW higher than the upper end of its guidance. Backlog increased 100MW to 1.1GW and the pipeline as a whole added 700MW since the last quarter to 4.3GW.
“Our teams superbly executed multiple complex financing initiatives while keeping our core business on track,” said Ahmad Chatila, CEO, SunEdison.
“Among the milestones achieved were the successful completion of the SunEdison Semiconductor IPO and the placement of convertible senior notes, both of which give us additional flexibility to accelerate growth. In addition, just after quarter-end we successfully completed the TerraForm Power IPO which we expect to be a key driver for lower cost of capital,” said Chatilla.