California-based solar company SunPower Corp (Nasdaq: SPWRA; SPWRB) reported higher than expected 4Q10 income and raised its earnings forecast for 1Q11.
Net income for 4Q10 totaled $152.3 million, or $1.44 per share–up from $8.5 million, or 9 cents per share, a year ago.
SunPower, which recently signed contracts to develop more than 800MW of solar power in California, raised its 1Q11 earning forecast from a range of 12 to 20 cents to 15 to 21 cents (excluding one-time items).
Earnings per share of $1.36 (excluding items) topped the $1.05 per share that analysts had forecast, according to Thomson Reuters I/B/E.
4Q10 revenue was $937.1 million–a 71% increase from $547.9 million a year ago, and higher than Wall Street expectations of $931.4 million.
According to a story published earlier this week, fears about slacking demand for solar panels have been overblown, and solar quarterly results will be better than expected across the board.
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