Sunedison (NYSE: SUNE) reported Q1 EPS of ($0.25), $0.08 worse than the analyst estimate of ($0.17). Revenue for the quarter came in at $546.5 million versus the consensus estimate of $593.88 million.

Solar Project Pipeline, Backlog & Construction

The Solar Energy segment ended the 2014 first quarter with a project pipeline of 3.6 GW, up 173 MW compared to the prior quarter and up 916 MW from the year ago period. Backlog at March 31, 2014 was 1.0 GW, down 73 MW from the prior quarter. A solar project is classified as "pipeline" where SunEdison has a signed or awarded PPA or other energy off-take agreement or has achieved each of the following three items: site control, an identified interconnection point with an estimate of the interconnection costs, and an executed energy off-take agreement or the determination that there is a reasonable likelihood that an energy off-take agreement will be signed. A solar project is classified as "backlog" if there is an associated executed PPA or other energy off-take agreement, such as a feed-in-tariff. There can be no assurance that all pipeline or backlog projects will convert to revenue because in the ordinary course of our development business some fall-out is typical and certain projects will not be built.

As of March 31, 2014, 463 MW of the pipeline was under construction, compared to 504 MW as of December 31, 2013 and 135 MW as of March 31, 2013. Of the projects under construction, we expect to retain a majority on the balance sheet. "Under construction" refers to projects within pipeline and backlog, in various stages of completion, which are not yet operational.

Outlook

The company provided the following key metrics for the 2014 second quarter and revised metrics for full-year 2014. Assuming no significant worldwide economic issues in these periods, the company expects the following:

For the second quarter 2014:

• Solar energy systems total non-GAAP sales volume in the range of 60 MW to 80 MW
• Solar energy systems MW retained on the balance sheet between 100 MW and 120 MW
• Solar energy systems MW completed between 160 MW and 200 MW
• Fully developed solar energy systems average project pricing between $2.85/watt and $3.15/watt

For the full year 2014:

• Solar energy systems total non-GAAP sales volume in the range of 460 MW to 580 MW
• Solar energy systems MW retained on the balance sheet between 440 MW and 570 MW
• Solar energy systems MW completed between 900 MW and 1150 MW
• Fully developed solar energy systems average project pricing between $2.40/watt and $2.75/watt

For earnings history and earnings-related data on Sunedison (SUNE) click here.