SunPower Raises Full-Year Guidance
The good news from the solar sector just keeps on coming. Today it is from SunPower Corp. (NASDAQ: SPWR), which issued financial guidance for the 2013 fiscal year. At the end of the company's fiscal 2012 fourth quarter, SunPower projected first-quarter 2013 EPS of $0.05 to $0.20 on revenues in the range of $475 million to $500 million, well above the then-consensus estimates for a net loss of $0.11 per share, but below the revenue estimate of $544.26 million.
SunPower earned $0.06 a share in the first quarter on revenues of $635 million. For the second quarter ending in June, the company now forecasts adjusted EPS between $0.05 and $0.15 on revenues of $550 million to $600 million. The consensus estimates had called for a net loss of $0.02 per share on revenues of $513.31 million.
For the full-year, SunPower now estimates adjusted EPS in the range of $0.60 to $0.80 on revenues of $2.5 to $2.6 billion. These estimates are pretty much inline with the current consensus for EPS of $0.64 on revenues of $2.55 billion.
The company said it would provide detail on its guidance in a conference call later this morning. But the construction of its Antelope Valley Ranch project and its success at lease financing are likely to be the reasons for the company's optimism for the current year.
Investors like what they have read so far. Shares are about 7.3% in premarket trading this morning, at $20.41, which would be a new 52-week high if it holds. The current 52-week range is $3.71 to $19.50.
Filed under: 24/7 Wall St. Wire, Alternative Energy, Earnings, Green Biz, Technology Companies Tagged: featured, SPWR