SunPower (SPWR) Guides FY15 Below the Street
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SunPower Corp. (NASDAQ: SPWR) today announced financial guidance for fiscal year 2015 and updated GAAP financial guidance for the fourth quarter of fiscal 2014.
For fiscal year 2015, SunPower expects non-GAAP revenue of $2.4 billion to $2.6 billion (consensus $2.8 billion), gross margin of 21 percent to 23 percent, net income per diluted share of $1.10 to $1.50 (consensus $1.69), capital expenditures of $300 million to $350 million and gigawatts (GW) recognized in the range of 1.3 GW to 1.4 GW.
The company's 2015 guidance excludes any financial impact that may occur if SunPower decides to pursue the formation of a separately-traded Yieldco vehicle, which is currently under review. The company will update its 2015 guidance if it decides to pursue this strategy. SunPower also remains committed to expand investments in self-developed projects, its technology roadmap and the scope of manufacturing cost reduction initiatives.
SunPower also updated its fourth quarter 2014 GAAP financial guidance to reflect the benefit of approximately $450 million in revenue and $0.80 - $0.90 in earnings per share related to the real estate accounting treatment of its 579-MW Solar Star projects. The company now expects fourth quarter 2014 GAAP revenue of $1.12 billion to $1.17 billion (consensus is $605.04 million), gross margin of 26 percent to 28 percent and net income per diluted share of $1.00 to $1.25. Fourth quarter 2014 non-GAAP guidance remains unchanged (consensus is $0.23).
SunPower also announced today that it expects to triple upstream capacity over the next five years.
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