Sunpower (SPWRA) reported very good results this morning.  Excluding one time items, earnings came in at .60/share vs. the analyst estimate of .56/share on a 61% increase in revenues over the year ago quarter to 377.5 million.  Analysts were expecting 350.4 million.  The company sees FY08 EPS at 2.34 – 2.41 vs the analyst estimates of 2.23 and for FY09 the company expects earnings of at least 3.50/share with analysts expecting 3.67.

CEO Tom Werner: “Overall, global industry fundamentals remain strong and demand is increasing across multiple geographies. Our cost reduction roadmap is paying dividends as we are now selling at a levelized cost of energy which is cost-effective for our customers as evidenced by our recent utility-scale announcements with Pacific Gas and Electric Co. (PG&E), and Florida Power &Light Co. With the recent extension of the U.S. Investment Tax Credit, we now have a national solar market in the U.S. with long-term visibility and significant additional demand potential in all three market segments -residential, commercial and utility. We also saw uncertainty removed from the Spanish market in the third quarter. These developments make us even more confident in our planned performance as we look into next year.

Shares of SPWRA are up about 6% in premarket