Applied Materials: Solar Segment Will Break Even in 2010
Applied Materials Inc., (AMAT), officials say that their solar business will break even in 2010 but plan layoffs of 1,300-1,500 jobs, or 12 percent of the workforce in the next 18 months.
The semiconductor-equipment and PV solar panel maker reported a fourth quarter profit of $138 million, or 10 cents per share, on net sales of $1.53 billion.
New orders in Applied Materials’ Energy and Environmental business were up significantly from Q3 to $357 million in Q4 but still off 27 percent from Q4 2008.
Operating loss in the segment spiked to $242 million for FY2009 from $183 million in FY 2008. The company expects to save $450 million when the restructuring is complete.
Chief Executive Officer Mike Splinter said during the conference call: Read More »
