SunPower Reports Record Results

SunPower Corporation (Nasdaq: SPWRA) announced record financial results for 4Q08 and the full year.

Revenue for the quarter was $401 million and compares to $378 million in 3Q08 and $224 million in 4Q07. The Components and Systems segments accounted for 56% and 44% of fourth-quarter revenue, respectively.

Fourth-quarter net income climbed to $29.5 million, or 35 cents per share, from $4.9 million, or 6 cents per share, in the year-ago quarter.

The better-than-expected fourth-quarter profit, sent SunPower shares up 12% after-hours, according to Reuters.

"Our fourth-quarter performance reflects the continued strength of our vertically integrated business model, broad channel reach and geographic diversification," said Tom Werner, SunPower’s CEO. "Our Systems business also executed well in the fourth quarter as we commissioned dozens of large scale solar projects globally."

On a GAAP basis for 4Q08, SunPower reported gross margin of 27.9%, total operating income of $55 million and net income per diluted share of $0.35.

"Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership," Werner said. "Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today’s economic and credit environment."

The company expects the following fiscal year 2009 non-GAAP results: total revenue of $1.6 billion to $2.0 billion, net income per diluted share of $2.20 to $2.80 and production capacity of more than 450 megawatts (MW).

Dennis Arriola, SunPower’s CFO, said "Given the continuing weak credit environment, our ability to meet the high-end of the revenue and earnings-per-share ranges will be dependent on improved access to the project financing markets. We expect our first-half of 2009 performance to be materially affected by seasonal factors and the continuing impact of the credit crisis."

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