SunPower Books Earnings in 1Q, Sales Top - Analyst Blog
03 Mai 2013 - 2:00PM
Zacks
SunPower Corporation’s (SPWR) first quarter
2013 adjusted earnings per share (including stock-based
compensation) were 15 cents per share compared to a loss of 23
cents per share incurred in the year-ago quarter.
The results were attributable to its high efficiency solar panels
and strong performance from both rooftop and ground mount
teams.
GAAP loss during the quarter was 46 cents per share, which included
one-time charges of 61 cents per share, narrower than the year-ago
GAAP loss of 67 cents per share.
Operational Results
SunPower generated revenues of $635.4 million, higher than the
Zacks Consensus Estimate of $542 million and the year-ago figure of
$494.1 million.
During the quarter under review, revenues generated in the Americas
were $484.1 million compared with $281.5 million in the prior-year
period. Revenues in Europe, the Middle East and Africa were $68.7
million versus $156.1 million in the year-ago quarter. Revenues
from Asia-Pacific were $82.7 million, up from $56.5 million in the
year-ago period.
SunPower’s gross margin for the quarter expanded to 22.7% from
12.7% a year ago.
Financial Condition
SunPower at the end of the reported period had cash and cash
equivalents of $505.6 million, compared with $457.5 million at the
end of 2012. Net cash from operating activities was $166.9 million
compared to ($120.7) million in the year-ago quarter.
Our Take
SunPower posted higher revenues in the quarter, beating the Zacks
Consensus Estimate. Given its strong project backlog, continued
growth in residential lease and global focus on improving its cost
structure, it seems easy for the company to achieve its
targets.
During the quarter, the company began the construction of the mega
579-megawatt Antelope Valley Solar Projects for MidAmerican Solar.
Also, the company has almost completed the construction of
California Valley Solar Ranch project owned by NRG Energy,
Inc. (NRG).
Over the near term, however, we are apprehensive about the glut of
solar panels in the market, lower average selling prices, rising
competition, financial stability of its customers and foreign
exchange risk. SunPower presently retains a short-term Zacks Rank
#3 (Hold).
Stocks worth considering in the alternative energy space are
ReneSola Ltd. (SOL) and STR Holdings,
Inc. (STRI), both with a Zacks Rank #2 (Buy).
NRG ENERGY INC (NRG): Free Stock Analysis Report
RENESOLA LT-ADR (SOL): Free Stock Analysis Report
SUNPOWER CORP-A (SPWR): Free Stock Analysis Report
STR HOLDINGS (STRI): Free Stock Analysis Report
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