SunPower Destroys Earnings Estimates $SPWRA

SunPower just announced financial results for its 2010 fourth quarter and fiscal year.

"2010 was a great year for SunPower," according to Tom Werner, the company’s CEO during the earnings call this afternoon.

Fourth-quarter net income was $152.3 million compared with $8.5 million a year ago. Revenue rose 71 percent to $937.1 million from $547.9 million last year. SunPower shares closed at $17.43 on the Nasdaq, up 29 cents, or 1.7 percent.

2010 revenue grew a whopping 46 percent to $2.22 billion from $1.52 billion in 2009. The company shipped 546 megawatts in 2010 with a gross margin of 23 percent.

Guidance for 2011: The firm is fully allocated for the year and thefirm raised the revenue and guidance for the first quarter of 2011 to$475 million to $525 million. SunPower raised guidance for the full year to $2.8 billlion to $2.95 billion at a gross margin of 19 percent to 21 percent.

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