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SunPower (SPWRA) Posts Strong Results But Sinks AH
Sunpower (SPWRA) kicked off the solar earnings season tonight with a strong quarter, beating analyst estimates by a wide margin and matching the whisper number of .42/share. Revenues also came in better than expected at $466 million vs the estimate of $420 million. That represents a 26% decrease from the year ago quarter on the earnings side and a 24% increase on the revenue side/ The company guided about in line for the full year 2009 with an EPS estimate of $1.15 – 1.25/share vs the Wall St estimate of $1.21/share. Revenues are estimated in the range of $1.425 – 1.5 billion vs Wall St estimates of $1.43 billion. Despite the strong quarter, shares are trading down more than 10% in after hours trading. The only thing I can think of as a reason for the selling is that the guidance range for the full year starts a bit lower than what Wall St expected and the earnings number could have been considerably better considering the revenue beat. Other than that, it was a real solid quarter from Sunpower.
Here are some highlights of comments made by executives:
- growing dealer channel into France, Korea and Canada
- successfully executed on large scale projects
- achieved new record with more than 60MW of Sunpower plants under construction
- all manufacturing facilities now fully operational
- ended quarter with more than $800 million in cash and investments
- financing markets remain challenging but seeing improvements in availability in financing for its projects
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