REC Silicon's Margins Improve in First Quarter, Offsetting Drop in Revenue
REC Silicon's revenue fell in the first quarter, but margins improved due to lower costs. Despite production levels that were higher than management's targets, revenue declined approximately 28%. We are reaffirming our fair value estimate and moat rating.Revenue degeneration was largely due to lower polysilicon sales volumes, according to management. EBITDA margins experienced a slight improvement with the help of solid silicon gas sales and low FBR cash costs. With these improvements, REC repo...
REC Silicon is a provider of solar electricity solutions. Co.'s REC Silicon business segment is carried out in the following subsidiaries; REC Solar Grade Silicon LLC, and REC Advanced Silicon Materials LLC. REC Silicon's sales and marketing activities for sales of solar grade polysilicon, semiconductor grade silicon and silicon gases are carried out in China, Japan, Korea, Taiwan, and in the U.S. REC Silicon produces polysilicon and silicon gas for the solar industry and the electronics industry at plants in Moses Lake, WA and in Butte, MT.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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