SunPower Q2 Profit Tops Estimate; Revenue Falls Short

(RTTNews) - SunPower Corp. (SPWR) reported net income for the second quarter of $14.1 million or $0.09 per share, compared to $19.6 million or $0.15 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $43.9 million or $0.28 per share, compared to $62.8 million or $0.48 per share in the prior year quarter.

Revenue for the second quarter fell to $507.9 million from $576.5 million a year ago, while adjusted revenue for the quarter fell to $621.1 million from $650.0 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.26 per share on revenue of $623.55 million for the second quarter.

Looking forward to the third quarter, the company forecasts revenue of $575 million to $625 million, adjusted revenue of $600 million to $650 million, earnings of $0.00 to $0.20 per share and adjusted earnings of $0.15 to $0.35 per share. Analysts currently expect the company to earn $0.29 per share on revenue of $636.82 million for the third quarter.

For fiscal year 2014, the company continues to expect revenue of $2.55 billion to $2.70 billion, adjusted revenue of $2.50 billion to $2.65 billion, earnings of $0.75 to $1.05 per share and adjusted earnings of $1.10 to $1.40 per share. Analysts currently expect the company to earn $1.31 per share on revenue of $2.59 billion for the full year 2014.