SunPower (SPWRA) reported mixed results after the bell today missing analyst estimates on the EPS side (reporting .05 vs estimate of .08), but matched the revenue number at $347 million.  Compared to the year ago quarter, the results look darn good because that was a terrible quarter in which the company reported a loss for the first time in several years.  Sequentially, it was well below the .47/share and $548 million they reported in Q4, but that’s typically their strongest quarter, so it’s tough to compare this quarter with what they’ve done in the past.  Clearly, traders aren’t too impressed sending the stock down another 4% in after hours trading back below $15.

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Highlights of comments made from CEO Tom Werner:

– European business growing rapidly
– highly confident can meet 2010 plan and deliver strong growth in 2011
– 72% of Euro exposure hedged

Looking ahead, it looks like SPWRA is issuing Q2 guidance well below the Street view with an EPS range of .05 – .12, vs the Street estimate of .25/share.  Its revenue guidance is below the Street too.  It forecasts $380 – $420 million vs the Street estimate of $437 million.  While the company is reaffirming the full year guidance it gave last quarter which is within the analyst estimated range, I think traders are selling because of the guidance for next quarter (not to mention the EPS miss).  I still think Sunpower (SPWRA) is becoming a compelling stock down at these levels, but would want to see some improvement technically first.