North Coast Solar Stocks

July 23, 2009

SunPower 2nd-qtr earnings top Street, shares rise

Filed under: SPWR — Tags: , , , , — Jason @ 4:41 pm

Thu Jul 23, 2009 4:41pm EDT

* 2nd-quarter operating EPS $0.24 vs $0.14 estimate

* Revenue falls 22 pct to $298 mln vs $261.22 mln view

* 2009 revenue target adjusted slightly upward

* Shares rise 13.2 percent in extended trade

LOS ANGELES, July 23 (Reuters) – U.S. solar company SunPower Corp (SPWRA, SPWRB) on Thursday reported a 22 percent drop in quarterly net income, but results blew past analysts’ estimates as the company maintained its market share and the price premium on its solar panels.

SunPower also raised its 2009 targeted revenue range, defying some on Wall Street who had been expecting it to cut its outlook. SunPower’s Shares rose 13 percent after hours.

Net income was $24.2 million, or 26 cents per share, compared with $31.2 million, or 37 cents per share, a year ago.

Excluding one-time items, the company earned 24 cents a share, topping Wall Street analysts’ average estimate of 15 cents a share, according to Reuters Estimates.

Revenue slid 22 percent to $298 million from $383 million last year. Analysts were expecting revenue of $261.22 million, on average, according to Reuters Estimates.

SunPower adjusted its 2009 revenue view upward to a range of $1.35 billion to $1.7 billion from $1.3 billion to $1.7 billion.

A dearth of financing for solar projects combined with a pullback in solar tax breaks in Spain have led to a flood of solar panels on the market, driving down prices and profits.

SunPower’s Chief Executive Tom Werner said in a statement that the company had benefited from growth in its dealer network, executing large projects, reducing inventories and controlling costs.

SunPower shares rose 13.2 percent to $28.12 after hours after closing at $24.84 on the Nasdaq.

(Reporting by Nichola Groom)


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