Thursday, solar-electric systems maker SunPower Corp. (SPWR) reported a profit in the second quarter compared to a loss last year, on revenues that more-than-doubled and income from operations. Further, the company revised its outlook upward for the full year of 2008 and provided guidance for the third quarter.
The company posted second-quarter GAAP net income of $28.61 million or $0.34 per share, compared to a loss of $5.35 million or $0.07 per share in the prior year quarter.
On a non-GAAP basis, excluding non-cash charges for amortization of intangible assets and stock-based compensation, earnings per share rose to $0.61 from $0.25 per share reported in the same quarter of last year.
Twenty nine analysts, on average, polled by First Call/Thomson Financial expected the company to report earnings of $0.51 per share.
Quarterly revenue amounted to $382.8 million, 120% higher than prior year's revenue of $173.77 million. Wall Street predicted revenues of $343.09 million for the quarter.
For the quarter, the company recorded an operating income of $45.01 million, compared to an operating loss of $13.21 million last year.
Gross margin was $93.03 million, higher than $29.79 million a year earlier.
For the six-month period, the company's net income was $41.37 million or $0.49 per share, compared to a loss of $4.11 million or $0.06 per share a year earlier. On a non- GAAP basis, earnings per share were $1.0, up from $0.54 a year earlier. Revenues for the period more than doubled to $656.45 million from $316.11 million last year.
Looking ahead, SunPower expects third quarter non-GAAP net income per share in the range of $0.53 - $0.57 and total revenue in the range of $340 million to $355 million. Wall Street analysts have a consensus earnings estimate of $0.57 per share for the quarter on revenue of $346.86 million.
For the fourth quarter, non-GAAP earnings are expected to be in the range of $0.73 - $0.80 per share, with total revenues between $395 million and $425 million.
For the full year of 2008, the company currently expects non-GAAP earnings per share between $2.26 and $2.36 on revenues in the range of $1.39 billion - $1.44 billion. Earlier, the company expected adjusted earnings per share of $2.10 - $2.20, on revenues of $1.3 billion - $1.375 billion for the year. Street sees full-year earnings of $2.17 per share on revenue of $1.36 billion.
The company also expects 2009 non-GAAP net income per share of at least $3.50, with total revenue to be in of the range of $2.0 billion - $2.1 billion.
SPWR is trading at $79.65, down 0.34 or 0.42%, on a volume of 509K shares.
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