SunPower Corporation (NASDAQ: SPWRA) lost more than 4% this morning, trading at $15.40 in early trading. The company operates through its subsidiaries to design, manufacture and market solar electric power technologies.
The company yesterday commented on the series of disastrous events in Japan, as Japanese suppliers are expected to account for nearly 10% of the company’s total polysilicon supply for the second quarter of 2011. SunPower said its suppliers in Japan have indicated that while certain operations were affected due to infrastructure issues, they have not been impacted with major damage to their facilities.
SunPower said it would seek to replace any polysilicon from alternate sources to the extent that events in Japan warrant such action, though at this time the company does not expect any change in its 2011 production guidance as a result of this event.
The company last month reported a rise in its profit for the fourth quarter as compared to last year, primarily on margin expansion and strong revenue growth.
The company recorded net income of $152.25 million or $1.44 per share for the fourth quarter, a sharp rise as compared with $8.54 million or $0.09 per share in the prior-year quarter. The adjusted net income for the quarter climbed to $1.36 per share from $0.47 per share in the year-ago quarter. The revenues for the quarter surged to $937.07 million from $547.94 million in the same quarter last year. The revenues from utility and power plants showed a triple fold increase to $664.16 million from $224.86 million in the prior-year quarter and residential and commercial revenues dropped to $272.92 million from $323.08 million in the year-ago quarter. The gross margin percentage expanded 510 basis points this quarter to 25.4% from last year’s 20.3%.
The company expects a net loss in a range of $(0.09) to $(0.03) per share, and adjusted earnings in the range of $0.15 to $0.21 per share, on revenues between $475 million and $525 million for the first quarter of 2011.
For fiscal 2011, the company currently projects earnings of $0.70 to $0.90 per share, adjusted earnings of $2.00 to $2.20 per share, and revenue between $2.80 billion to $2.95 billion. The company had expected adjusted earnings of $1.75 to $2.05 per share and revenues between $2.65 billion and $2.85 billion.
The company stock has traded in the range of $9.61 and $22.19 during the past 52 weeks. The company�s market cap is $1.53 billion.
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