UPDATE 1-MEMC cuts Q3 revenue outlook
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Sept 24 (Reuters) - MEMC Electronic Materials Inc WFR.N, which supplies silicon wafers to the chip and solar industries, cut its third-quarter revenue outlook but said it does not expect any long-term impact from manufacturing delays due to Hurricane Ike, sending its shares up about 10 percent.
The company expects third-quarter revenue between $520 million and $540 million, compared with its prior forecast of $560 million to $620 million.
Analysts on average were expecting revenue of $591.6 million, according to Reuters Estimates.
The company said its Pasadena, Texas, facility was running at low utilization levels due to regional suppliers facing power difficulties, plant issues and pipeline damage as a result of the hurricane.
MEMC expects the impact from the delays to be about 15 days worth of production, compared with the five days previously forecast.
Shares of the company rose to a high of $31.75, before falling back slightly to trade up $2.60 at $31.57 Wednesday morning on the New York Stock Exchange. (Reporting by Sandhya Menon in Bangalore; Editing by Pratish Narayanan)
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