SunPower Corporation (NASDAQ:SPWRA, SPWRB) reported strong earnings after markets closed yesterday, and the shares opened almost $4/share higher this morning. Shares are up more than 12% currently.
Analysts had expected SunPower to record revenue of $396.8 million and non-GAAP EPS of $0.57. The company came in with revenue of $401 million and non-GAAP EPS of $0.70. SunPower said than 2009 non-GAAP revenues would be in the range of $1.6-$2.0 billion, and fully diluted EPS would be in the range of $2.20-$2.80. Analysts estimates for 2009 are revenues of $1.88 billion and EPS of $2.64, about the midpoint of SunPower’s own projections.
SunPower’s solid report boosted competitor First Solar, Inc. (NASDAQ:FSLR) as well this morning. Still, First Solar shares are off 52-week highs by about 56%, and SunPower stock is off nearly 70% in the same time period.
The companies are looking to get a boost from the US government’s economic stimulus package. Because the details of that package are still murky, recovery in share prices is cautious. But since November, the trend line is slightly up.
SunPower noted that it is "encouraged by the commitment" of the new President and the new Congress to renewable energy. That’s all well and good, but that and $4 will get you a tall latte.
Paul Ausick
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