SunPower Announces Initial Public Offering SPWR Message Board

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

SPWR 1.800

0.0%

Oct 31 9:30 AM EST

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To: Eric who wrote (170)	3/18/2010 5:54:00 PM
From: Sam	of 196

UPDATE 1-SunPower profit falls, restates previous earnings Thu Mar 18, 2010 5:00pm EDT * Q4 EPS falls to 9 cts from year-ago 33 cts * Revenue rises to $548 million * Restates 2008, Q1-Q3 2009 earnings NEW YORK, March 18 (Reuters) - SunPower Corp (SPWRA.O) posted a drop in fourth-quarter profit, said it would restate earnings for 2008 and most of 2009 because of accounting errors and forecast lower-than-expected 2010 earnings, and its shares fell more than 8 percent. Net profit for the quarter fell to $8.7 million, or 9 cents per share, from a restated $29.5 million, or 33 cents per share, in the year-ago quarter. Revenues rose to $548 million from $398 million a year earlier. The company said accounting errors at its Philippines operations had prompted it to cut its earnings for 2008 and the first three quarters of 2009 by $16.9 million as it recorded an additional $33.2 million in expenses. The photovoltaic solar maker had announced in November that its audit committee had started the internal investigation into the Philippines operations. SunPower forecast 2010 revenue of $2.0 billion to $2.25 billion and net income of $1.25 to $1.65 per share, lagging the $1.78 per share that analysts had forecast, according to Thomson Reuters I/B/E/S. Shares in SunPower fell 8.4 percent to $20.20 per share after closing at $22.04 on Nasdaq. (Reporting by Matt Daily; Editing by Gary Hill) reuters.com

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