US solar company SunPower (Nasdaq: SPWRA: SPWRB) on Thursday reported a lower 4Q09 profit and announced that it would restate earnings for 2008 and 2009 due to accounting errors.
The company also forecast that it would break even in 1Q10 on revenue of $330 million to $350 million. The company's shares fell about 9% on the news, according to Reuters.
The company said the accounting errors were limited to its
Philippines operations and resulted in overstated earnings of $16.9
million in 2008 and the first three quarters of 2009.
4Q earnings dropped 70% to $8.7 million or $0.09 per share from the restated, year-ago level. This despite a year-to-year increase in revenue to $548 million, up from $398 million.
The company said it expects 2010 revenue in the range of $2.0 billion to $2.25 billion and income per share between $1.25 and $1.65. That trails the $1.78 forecast by industry analysts.
Earlier this month, SunPower announced a major supply contracts with Southern California Edison and Toshiba.
Read additional coverage on the 4Q report at the link below.
