SunPower reports financial results: Q4 better than expected, heavy losses in fiscal 2011
- The start of major construction activities at the 250 MW California Valley Solar Ranch (CVSR) power plant was one of the key milestones Sun Power achieved since the third quarter of 2011
On February 16th, 2012 SunPower Corporation (San Jose, California, U.S.) released its fiscal Q4 results. Revenues according to GAAP (Generally Accepted Accounting Principles) for the quarter were USD 749 million, including USD186.4 million in revenue related to the construction of UPP project and construction activities.
Q4 Gross margin was 7.9%. The company produced 261 MW in the last quarter of fiscal Q4, 2011, and reported an EPS of USD 0.16. Q4 GAAP losses decreased from USD 370.8 million in Q3 to USD 83.1 in Q4, 2011.
Strategic partnership with Total SA to solidify SunPower
The company reports a 2011 GAAP Revenue of USD 2.31 billion (2010: USD 2.22 billion), and a Non-GAAP Revenue of USD 2.50 billion. 2011 GAAP net income (loss) increased from USD 178.7 million in 2010 to USD 603.9 million for fiscal 2011.
“We finished the year with a better than expected fourth quarter, as demand for SunPower’s differentiated technology sold through our diversified downstream channels enabled us to reach annual records in both revenue and shipments,” said Tom Werner, SunPower president and CEO.
“Operationally, we achieved both our panel production cost target and accelerated manufacturing step reduction program milestones. Research and development investment results included initial volume production of our Maxeon Gen 3 next generation cell technology with a maximum cell efficiency of 24 percent. As the market transitions, the companies with the strongest balance sheets will gain share. Our strategic partnership with Total SA solidifies SunPower as one of the leading companies in the industry today.
Construction of the 250 MW California Valley Solar Ranch started in Q4, 2011; SCE UPP contracts totaling 711 MW
“In the fourth quarter, we benefitted from solid execution as we exceeded our non-GAAP outlook for revenue, gross margin and earnings per share. Our Utility and Power Plants (UPP) business continued to outperform as we met our project commitments and began major construction activities at the 250 megawatt (MW) California Valley Solar Ranch (CVSR) power plant project. Additionally, we completed the permitting process for our three contracts with Southern California Edison, totaling 711 MW," Werner added.
Break even expected for 2012
For the fiscal year 2012, the company expects both GAAP and non-GAAP revenue of USD 2.6 billion to USD 3.0 billion and production volume recognized to be in the range of 900 MW to 1,200 MW. "SunPower remains committed to achieving break even or better non-GAAP profitability and a year-end unrestricted cash balance of more than USD 300 million, while investing in cost reduction initiatives", reads the press release.
2012-02-17| Courtesy: SunPower Corporation | solarserver.com © Heindl Server GmbH
Our editorial selection of breaking solar news is published at:
www.solarserver.com/solar-magazine/solar-news/top-solar-news.html