It’s not getting any better for the solar industry in after hours action tonight. Big US solar manufacturer Sunpower is reporting less than stellar results as well in addition to an announcement of a Q4 reorganization that has the CFO saying adios. The company aims to cut costs by 10% next year.
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Sunpower reported a decent profit on a non GAAP basis of .16/share which was … Read the rest
Expectations were low going into Sunpower (SPWRA) earnings after the bell today and traders got about what they expected. The company reported mixed results missing on the EPS side reporting a bit wider loss of .19/share vs expectations for a loss of .18/share on revenues of $592 million, vs the expectation for $583 million. Despite a 54% jump in revenues over the year ago quarter, the company reported a healthy loss. CEO Tom Werner blamed … Read the rest
Shares of SunPower (SPWRA) began diving yesterday even before the announcement was made. Then the reason for the selling became apparent a few hours later as the company posted worse than expected preliminary results. The company now expects lower gross margins and a wide loss on the quarter due to tough conditions in Germany and Italy. Now the company expects gross margins to come in at 12-13% vs the previous estimate for 15-17% and … Read the rest
Sunpower (SPWRA) reported earnings that missed analyst estimates. The company reported an EPS of .15/share on revenues of $451 million vs the analyst estimates for .17 in EPS and $479 in revenues. Although those numbers still represent quarter over quarter EPS and revenue growth of 200% and 30% respectively. The CEO blamed the miss on changing market conditions in Europe which is beginning to be a common theme in the latest round solar earnings reports.… Read the rest
It was announced earlier today that Sunpower (SPWRA) will design and build solar systems totaling 1.7MW for Rancho California Water District at two facilities. The systems are expected to save the district more than $8 million over the next 25 years. That’s not a lot of money over that time frame, but the savings really begin adding up if the majority of water districts begin powering with solar. Improving efficiencies in solar over the next … Read the rest
Big news in the solar world this evening. France based Total and Sunpower (SPWRA) will merge to create an international solar powerhouse. Total has launched a friendly tender offer for up to 60% of Sunpower at a price that represents a nearly 50% premium to the current price. Both boards have approved the deal and Sunpower management will remain in place. Total will provide Sunpower with up to $1 billion in credit over the … Read the rest
KB Home (KBH) announced this morning that it’s going to provide residential solar systems as a standard feature using Sunpower (SPWRA) technology in 10 So Co communities. While KB Home has provided solar systems as an option for several years, it’s the first time it will be included standard for every home. Depending on the response in these 10 communities, the company is prepared to expand the initiative across the country.
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SunPower (SPWRA) announced this morning that is has expanded its relationship with Japanese behemoth Toshiba to support Toshiba’s residential s0lar program. The two companies have worked together in the past under an original 32MW supply deal and today’s announcement adds another 48MW. The panels will be supplied over the course of the next year.
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"Japan is the leader in Asia in the residential solar market, which … Read the rest
Sunpower (SPWRA) reported outstanding earnings results after the bell tonight, beating analyst estimates and raising guidance for this year. The company reported a non GAAP EPS of $1.36/share (vs the analyst estimate of just $1.05) on revenues of $937 million (vs the analyst estimate for $931 million. That’s good for a near tripling of the year ago EPS number and a doubling of the year ago revenue number.
SunPower (SPWRA) is announcing this morning it’s signed power purchase agreements with Southern California Edison for a total of 711MW of solar power in California. The three contracts include power agreements for plants in Los Banos and Rosamond and would generate enough energy for nearly half a million homes. Sunpower will use its Oasis modular solar block technology to get the plants up quickly and optimize the use of land. The plants are expected to … Read the rest