Macquarie Downgrades SunEdison Semiconductor (SEMI) to Neutral
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SunEdison Semiconductor Reports Fourth Quarter and Full Year 2015 Results
March 8, 2016 4:30 PM ESTST. PETERS, Mo., March 08, 2016 (GLOBE NEWSWIRE) -- SunEdison Semiconductor Limited (NASDAQ: SEMI) ("SunEdison Semiconductor" or the Company) today reported financial results for the fourth quarter and year ended December 31, 2015.
Fourth Quarter and Full 2015 Summary:
Successful completion of partial debt refinancing; lowering future interest expense, enhancing the capital structure flexibility and improving covenant coverageFourth quarter net sales down 3.9% sequentially, driven by lower small diameter volume and generally weaker pricingFull year 2015 gross margin increased to 9.9% from 9.4% despite 7.5% lower net salesYear-end cash and cash equivalents of $83.5 million; down $4.7... More