SunPower entered the earnings confessional after the market closed today withWall Street looking for a profit of 13 cents per share. The solar cellefficiency leader crushed that number with Q3 GAAP EPS of 21 cents pershare, Q3 non-GAAP EPS of 26 cents per share. In the same quarter lastyear, SunPower posted earnings of 28 cents per share.
This strong news comes despite the words of Schaeffer’s InvestmentResearch, "Looking back, the company’s fundamental performance has beenabysmal, missing the consensus estimate twice in the prior fourreporting periods, with an average downside surprise of 132 percent."Ouch. Not so this quarter.
Here are some results:
- Q3 2010 GAAP revenue of $551 million vs. $384 million in Q2 2010. That’s up 41 percent quarter-on-quarter and up 19 percent from theprevious quarter.
- Cost declined on plan and the firm is entering 2011 with record backlog.
- SPWR is on plan for $1.08 per watt Q4 2011 efficiency adjusted panelcost vs. 14 percent panels and $0.71 vs. 11 percent panels
- Q3 GAAP gross margin of 20.4 percent, Q3 Non-GAAP gross margin of 22.3 percent.
- The company is on track to meet its 2010 guidance of $2,150 milion to2,250 million at a gross margin of 22 percent to 23 percent.
- Q4 guidance of $870 million to $970 million.
- Very strong presence in Italy and claiming to be "number one in California."