NEW YORK, April 17 (Reuters) - SunPower Corp (SPWR.O: Quote, Profile, Research) reported better-than-expected quarterly earnings on Thursday and raised its 2008 earnings forecast, citing robust demand for its solar cells and panels.
Net income in the first quarter was $12.8 million, or 15 cents per share, compared with $1.2 million, or 2 cents per share, a year earlier.
Excluding special charges, SunPower earned $39.1 million, or 39 cents per share. Analysts, on average, had been expecting 35 cents per share, according to Reuters Estimates.
Revenue rose 92 percent to $273.7 million.
SunPower said the strong demand for its clean technology had prompted it to raise its full-year revenue forecast to between $1.3 billion and $1.375 billion, up from its January forecast of $1.2 billion to $1.3 billion.
It lifted its forecast for earnings, excluding extraordinary items, to $2.10 to $2.20 per share from an earlier forecast of $2.00 to $2.10.
Shares of SunPower, which is majority owned by Cypress Semiconductor Corp (CY.N: Quote, Profile, Research), jumped 250 percent ion 2007 but are down 24 percent so far this year. (Reporting by Matt Daily; editing by John Wallace)
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