SunPower Corp. (Nasdaq: SPWRA) reported a loss in 2Q10, despite a 28% increase in revenue to $384.2 million. The loss was due to tax expenses, according to the Wall Street Journal.
The net loss was $6.2 million or $0.06 per share, compared to a profit of $14.3 million in 2Q09.
Nonetheless, the company boosted the lower end of its earnings guidance for the year by $0.10 per share. The company now forecasts between $1.35 and $1.65 per share for 2010.
SunPower CEO Tom Werner said demand for solar panels continues to rise, echoing comments made by other solar manufacturers this year. He said demand is particularly strong in the U.S., Germany and Italy.
Werner also commented on the company’s cost reduction efforts. "We are forecasting our efficiency-adjusted cost per watt relative to conventional solar panels to be $1.36 as we exit the year and we expect to reach $1.08 by the fourth quarter of 2011."
Dennis Arriola, SunPower CFO, said the company ended the quarter with $737 million in total cash and investments, and $75 million in additional liquidity available under an IFC loan.
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