SunPower (SPWRA) reported a rougher than expected first quarter with a $.06 loss per share.
Revenue slid 22% from $274 a year ago to $214 million this year. Analysts expected revenue of $257 million, according to Reuters.
Tom Werner, the company’s CEO, said in the release, “The first quarter of 2009 was the most challenging quarter we’ve seen since SunPower went public in 2005,” and, “Our quarterly performance was impacted by seasonality, the continuing effects of the credit crisis and difficult economic conditions.”
The company had a $2.5 million net income loss, compared to a $14.7 million profit from a year ago.
The company also lowered its guidance:
The company expects the following fiscal year 2009 non-GAAP results: total revenue of $1.3 billion to $1.7 billion, net income per diluted share of $1.25 to $1.75 and production of up to 400 megawatts. The company also revised its 2009 capital expenditure outlook from $350 million – $400 million to $250 million – $300 million.
For the full year 2009, the company expects the following total company GAAP results: revenue of $1.3 billion to $1.7 billion and net income per diluted share of $0.25 to $0.75. GAAP earnings per share guidance include approximately $0.20 per share of expense for non-cash charges related to the adoption of FASB accounting rule FSB APB 14-1.
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