What solar bubble? SunPower (SPWR) blew away Street estimates for its June 2008 quarter. Guidance also increased, but not much beyond the upside the company reported in Q2.
- EPS of $0.62 vs. $0.51 consensus.
- Revenue of $382.8 million vs. $343 million consensus.
The company also raised FY 2008 and FY 2009 guidance:
Based on the strong demand trends in both existing and emerging markets and continued progress on our 50 per cent reduction in installed system costs, we are raising our guidance for the fiscal year 2008 and expect the following non-GAAP results: Total revenue of $1.39 billion to $1.44 billion [consensus was $1.36 billion] and diluted net income per share of $2.26 to $2.36 [consensus was $2.17]. We also expect our 2009 total revenue to be in of the range of $2.0 billion to $2.1 billion, production capacity of 450+ megawatts and non-GAAP diluted net income per share of at least $3.50
- Announced agreement with Florida Power & Light in July for two projects totaling 35 megawatts
- Began site preparation for a 1 gigawatt solar cell fab in Malaysia
- On track with 50% cost reduction plan, Q2 reductions in cell, module, materials and systems costs
- More than 300 dealers worldwide serving the residential and small- commercial rooftop market
- Announced world-record 23.4% efficient, full-scale prototype Gen 3 solar cell
- Announced the appointment of Marty Neese as chief operating officer