SunPower Announces Initial Public Offering SPWR Message Board

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Gold/Mining/Energy : SunPower Announces Initial Public Offering SPWR

SPWR 1.795

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From: Eric	8/11/2010 9:57:45 AM
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SunPower’s Q2 Earnings for High-Efficiency Solar Panels Strong second quarter results and a 2010 revenue guidance of greater than $2 billion. SunPower (NASDAQ:SPWRA) (NASDAQ:SPWRB) reported their second quarter results today. Here's a quick rundown for the high-efficiency solar panel manufacturer and solar power provider. SunPower's Q2 revenues were $384.2 million, up from last quarter's $347.3 million and significantly more than the the $299.3 million in Q2 2009. Gross margin has also improved over last quarter and last year to 22.9 percent. (All figures GAAP unless otherwise noted). Net loss for the quarter was $6.2 million. Second quarter highlights included the announcement of a world record 24.2 percent efficiency solar cell and a joint venture with AUO to operate the 1.4-gigawatt Fab 3 facility in Malaysia, which will begin solar cell production in the fourth quarter of this year. SunPower quotes its recent and projected cost per watt: Q4 2009 $1.91 Q4 2010 $1.71 Q4 2011 $1.48 Those numbers are significantly higher than industry averages and the industry leading $0.76 quoted by First Solar (NASDQ:FSLR) in their most recent quarter. But SunPower also quotes an efficiency adjusted cost per watt versus thin film 11 percent efficient panels on fixed tilt. That would be with First Solar in mind, obviously. Here are the adjusted cost per watt numbers: Q4 2009 $1.01 Q4 2010 $0.92 Q4 2011 $0.71 According to SunPower, efficiency adjustments consider the BoS and tracking benefits of high efficiency panels. When viewed through that lens -- things look a lot better for SunPower. SunPower's vertical integration and ownership of the customer does allow them the luxury of higher costs per watt and ASPs. SunPower's 2010 guidance looks for a strong Q3 of $825 million to $1.025 billion and a 2010 total of $2 billion to $2.25 billion at a gross margin of 18 to 20 percent. greentechmedia.com __________________ I listened to the CC yesterday and the one comment that really caught my attention was Tom Werner the CEO saying: "We are moving from a sellers market to a buyers market next year."

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