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Sunpower (SPWRA) reported a mixed quarter last night missing analyst estimates of .49/share, posting .47/share on revenues of $548 million which was well ahead of the estimate of $490 million.  What’s hitting the stock this morning is the guidance and the restatement of the financials for 2008, 2009 which concludes the company’s investigation.  It’s looking like a rough day for Sunpower, but maybe this clears the way for the stock to begin moving higher once it works through today’s gap down.

Looking ahead, the company only sees an EPS of .05/share this quarter on revenues of $330 – $350 million.  Wall St was looking for .34/share on revenues of $427 million.  It doesn’t get any better for the full year.  The company expects EPS in the range of $1.25 – $1.65 on sales of $2 – 2.25 billion.  While revenues are about inline with what Wall St is expecting the EPS is well below the estimate of 1.78 for the year.

Shares of SPWRA are down about 8% in premarket trading.  There is support around 20, so it will be interesting to see if that level holds today.