North Coast Solar Stocks

July 23, 2009

SunPower Soars 19% on Q2 Beat, Strong Year Forecast

Filed under: SPWR — Tags: , , , , — Jason @ 5:07 pm

Posted by Tiernan Ray
barrons.com

Solar panel maker SunPower (SPWRA, SPWRB) is soaring tonight, up $4.66, or 19%, at $29.54, after the company reported Q2 sales and profit that easily exceeded estimates and raised its year forecast, which is ahead of estimates.

Revenue in the quarter rose 40% to $298 million, while profit per share was 26 cents, well ahead of the $263.4 million and 14-cent estimate on the Street.

For the full year 2009, the company raised the bottom end of its forecast to revenue of $1.35 billion to $1.7 billion from a prior forecast of $1.3 billion to $1.7 billion. That’s ahead of an average estimate of $1.32 billion. The company forecast $1.15 to $1.60 in non-GAAP earnings per share, versus the average 96-cent estimate.

CEO Tom Warner said in a statement, “In all of our markets, we are encouraged by the improving industry trends we are seeing in both end demand and financing and we are well positioned for further growth in the second half of the year and 2010.”

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