SunPower Swings To Q2 Profit

(RTTNews) - SunPower Corp. (SPWR) reported net income for the second quarter of $19.6 million or $0.15 per share, compared to a net loss of $84.2 million or $$0.71 per share for the year-ago quarter.

Excluding items, adjusted earnings for the second quarter were $0.48 per share, compared to $0.08 per share in the prior year quarter. Revenue for the second quarter fell to $576.52 million from $595.90 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.11 per share on revenue of $579.48 million for the second quarter.

Looking forward to the third quarter, the company forecasts adjusted revenue of $550 million to $600 million and adjusted earnings of $0.15 to $0.35 per share. Analysts currently expect the company to earn $0.19 per share on revenue of $682.18 million for the third quarter.

For fiscal year 2013, the company now expects adjusted revenue of $2.5 billion to $2.6 billion and adjusted earnings of $1.00 to $1.30 per share. Previously, the company expected revenue of $2.5 billion to $2.6 billion and adjusted earnings of $0.60 to $0.80 per share. Analysts currently expect the company to earn $0.77 per share on revenue of $2.57 billion for the full year 2013.