SunPower Corporation (Nasdaq: SPWR) announced that revenue for the third quarter ended September 30, 2006 was $65.3 million, up 19% from the prior quarter’s revenue of $54.7 million and up 198% from the third quarter 2005 revenue of $21.9 million. GAAP net income for the quarter was $9.6 million, or $0.13 diluted earnings per share, compared to last quarter’s net income of $5.4 million or $0.08 per share and the third quarter 2005 net loss of $1.6 million.
Tom Werner, SunPower’s CEO, said, “We posted another strong quarter with operating results that exceeded our announced objectives. We saw excellent execution across the company, with significant progress on a number of fronts. Our plans for rapid growth continue on track:
SunPower has tripled solar cell manufacturing capacity over the past year and we plan to more than double that capacity by the end of next year while rapidly expanding our panel manufacturing in parallel. We have entered into a joint venture to construct and operate a new silicon ingot manufacturing facility in Korea. Our R&D group is establishing a formidable intellectual property position. Our marketing team is leveraging SunPower’s industry-leading technology to deliver our customers highly differentiated products that combine superior performance with a more attractive appearance.
“We are particularly excited about the announcement of our new SPR-315 solar panel earlier this week,” continued Werner. “This groundbreaking product incorporates our new 22% efficient Gen 2 solar cells and is rated at 315 watts — about twice the power of conventional solar panels. Gen 2 technology is an important element in our roadmap to drive down the installed cost of solar systems to be competitive with retail electric rates in five to ten years.”
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