SunPower Swings To Q1 Profit

(RTTNews) - SunPower Corp. (SPWR) Thursday reported first-quarter net income of $65.0 million or $0.42 per share, compared to net loss of 54.7 million or $0.46 per share last year.

Adjusted net income for the quarter were $75.3 million or $0.49 per share, up from $27.2 million or $0.22 per share last year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $692.4 million from $635.4 million a year ago. Analysts estimated revenues of $679.51 million for the quarter.

Looking forward to the second quarter, the company expects to report loss of $0.10 to earnings of $0.10 per share, adjusted earnings of $0.15 to $0.35 per share, revenues of $500 to $550 million and $575 million to $625 million.

Analysts currently estimate earnings of $0.30 per share on revenues of $628.32 million for the quarter.

For the full year, the company expects earnings of $0.75 to $1.05, adjusted earnings of $1.10 to $1.40, revenues of $2.55 billion to $2.70 billion and adjusted revenues of $2.50 billion to $2.65 billion.

Analysts currently estimate earnings of $1.21 per share on revenues of $2.55 billion for the year.