Just two days ago, analysts from FBR, Thomas Weisel and Pacific Crest slashed estimates on SunPower (SPWRB, SPWRA) earnings for 2009 as  they reiterated concerns of credit issues and slowing demand yet again.  It’s the same song and dance that has played out for several months now.  Those headwinds may play out in 09 but for now SunPower is proving itself to be relatively immune to those concerns.  Today after the bell, the company reported an EPS that smashed analyst estimates at .70/share (est. .57/share) on revenues that rose 79% from the year ago quarter to$ 401 million.

“Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership,” continued Werner. “Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today’s economic and credit environment.”

It’s all about guidance though and the company is giving a wide range of $2.20 – $2.80.  I suppose that’s one way of avoiding missing estimates for next year.  The low end is still about .20 ahead of where analysts had slashed to a few days ago.  The company said reaching the upper end of its EPS range would require improved access to financing and that for the first half of this year performance would be materially affected by seasonal factors and the continuing impact of the credit crisis.

Shares of SPWRA are surging about 12% in after hours trading on the news.  Look for possible break through resistance of the 50 day moving average tomorrow.