) first quarter 2013 adjusted earnings per share (including
stock-based compensation) were 15 cents per share compared to a
loss of 23 cents per share incurred in the year-ago quarter.
The results were attributable to its high efficiency solar panels
and strong performance from both rooftop and ground mount teams.
GAAP loss during the quarter was 46 cents per share, which
included one-time charges of 61 cents per share, narrower than
the year-ago GAAP loss of 67 cents per share.
SunPower generated revenues of $635.4 million, higher than the
Zacks Consensus Estimate of $542 million and the year-ago figure
of $494.1 million.
During the quarter under review, revenues generated in the
Americas were $484.1 million compared with $281.5 million in the
prior-year period. Revenues in Europe, the Middle East and Africa
were $68.7 million versus $156.1 million in the year-ago quarter.
Revenues from Asia-Pacific were $82.7 million, up from $56.5
million in the year-ago period.
SunPower's gross margin for the quarter expanded to 22.7% from
12.7% a year ago.
SunPower at the end of the reported period had cash and cash
equivalents of $505.6 million, compared with $457.5 million at
the end of 2012. Net cash from operating activities was $166.9
million compared to ($120.7) million in the year-ago quarter.
SunPower posted higher revenues in the quarter, beating the Zacks
Consensus Estimate. Given its strong project backlog, continued
growth in residential lease and global focus on improving its
cost structure, it seems easy for the company to achieve its
During the quarter, the company began the construction of the
mega 579-megawatt Antelope Valley Solar Projects for MidAmerican
Solar. Also, the company has almost completed the construction of
California Valley Solar Ranch project owned by
NRG Energy, Inc.
Over the near term, however, we are apprehensive about the glut
of solar panels in the market, lower average selling prices,
rising competition, financial stability of its customers and
foreign exchange risk. SunPower presently retains a short-term
Zacks Rank #3 (Hold).
Stocks worth considering in the alternative energy space are
STR Holdings, Inc.
), both with a Zacks Rank #2 (Buy).
NRG ENERGY INC (NRG): Free Stock Analysis
RENESOLA LT-ADR (SOL): Free Stock Analysis
SUNPOWER CORP-A (SPWR): Free Stock Analysis
STR HOLDINGS (STRI): Free Stock Analysis
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