California-based solar company SunPower Corporation (Nasdaq: SPWR) announced second quarter profits today and adjusted its 2008 and 2009 guidance upwards.
The company said 2Q08 net income for the three months ending June 29 rose to $28.6 million, or $0.34 a share, compared to a loss of $5.35 million, or $0.07 a share in 2Q07.
Analysts surveyed by FactSet forecast earnings of $0.42 a share and revenue of $345.5 million, on average, according to MarketWatch.
On a GAAP basis, SunPower reported gross margin of 24.3% and total operating income of $45.0 million.
Revenue for the quarter was up 120% year-over-year to $382.8 million.
SunPower said 2Q reductions in cell, module, materials and systems costs put the company on track for its 50% cost reduction plan.
The company raised its guidance for the fiscal year 2008, saying it
expected the following non-GAAP results: Total revenue of $1.39 billion
to $1.44 billion and diluted net income per share of $2.26 to $2.36.
SunPower
also expects 2009 total revenue to be in of the range of $2.0 billion
to $2.1 billion, production capacity of 450+ megawatts and non-GAAP
diluted net income per share of at least $3.50.
"In 2008, SunPower has achieved the geographic and market segment diversity that provides us with tremendous flexibility to respond to new opportunities and minimize risk, such as the uncertainty our industry currently faces in the U.S. and Spanish markets," said Tom Werner, SunPower’s CEO.
He added, "SunPower continued to extend its technology lead during the quarter as we announced our world-record, 23.4% efficiency, prototype Generation 3 solar cell. This technology, expected to be in production in approximately two years, is a key element in our roadmap to reduce total systems costs to compete with wholesale and retail electric rates by 2012. Also, in order to meet expected future demand and scale economies to reach our cost reduction goals, SunPower announced plans to build its third solar cell manufacturing facility in Malaysia which, when completed, will have a nameplate capacity in excess of 1 gigawatt."
About SunPower
SunPower Corporation designs, manufactures and delivers solar-electric systems worldwide for residential, commercial and utility-scale power plant customers. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
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