Solars Mixed as SunPower (SPWR) Hit on Weaker Outlook (FSLR) (STP) (YGE)
Tweet
Share
E-mail
Get Alerts SPWR Hot Sheet
Join SI Premium – FREE
Solar stocks are mixed Thursday following strong earnings, but weak guidance from one of the biggies in the sector.
After the market closed Wednesday, SunPower (Nasdaq: SPWR) reported an 18 cent earnings beat, though revs of $596 million were light. Megawatts (MW) produced in the quarter were 257, up from 205 in the same period last year, but down sequentially from 288 made in the first quarter.
For the third quarter, sales are expected to be $550 million to $625 million with a loss of 20 cents to 5 cents per share. MW produced guided to a range of 250 to 275. The Street was looking for revs of $730 million and profit of one cent per share.
Fiscal 2012 sales are expected to be $2.6 billion to $2.8 billion with MW produced of 950 to 1,050. The street expected sales of $2.67 billion and SunPower last guided to sales of $2.6 billion to $3 billion and MW production of 900 to 1,200. Production in 2011 totaled 922-MW, with sales of $2.31 billion.
One bright spot included comments from CEO Tom Werner: "Operationally, we had a very strong quarter related to cost reduction as our blended cost per watt declined more than 10 percent sequentially as we benefited from higher yields, further execution on our manufacturing step reduction program and lower raw material costs. As a result, we are accelerating our fourth-quarter blended panel cost per watt goal by more than 10 percent and expect to achieve a cost per watt of less than $0.75 on an efficiency adjusted basis on our lowest cost solar panels as we exit 2012, a full year ahead of schedule [emphasis ours]."
Lower on the session are peers First Solar (Nasdaq: FSLR) and Yingli Green Energy (NYSE: YGE), while others like SunTech Power (NYSE: STP), Trina Solar (NYSE: TSL), and JA Solar (Nasdaq: JASO) are higher. SunPower is down over 12 percent on the session.
After the market closed Wednesday, SunPower (Nasdaq: SPWR) reported an 18 cent earnings beat, though revs of $596 million were light. Megawatts (MW) produced in the quarter were 257, up from 205 in the same period last year, but down sequentially from 288 made in the first quarter.
For the third quarter, sales are expected to be $550 million to $625 million with a loss of 20 cents to 5 cents per share. MW produced guided to a range of 250 to 275. The Street was looking for revs of $730 million and profit of one cent per share.
Fiscal 2012 sales are expected to be $2.6 billion to $2.8 billion with MW produced of 950 to 1,050. The street expected sales of $2.67 billion and SunPower last guided to sales of $2.6 billion to $3 billion and MW production of 900 to 1,200. Production in 2011 totaled 922-MW, with sales of $2.31 billion.
One bright spot included comments from CEO Tom Werner: "Operationally, we had a very strong quarter related to cost reduction as our blended cost per watt declined more than 10 percent sequentially as we benefited from higher yields, further execution on our manufacturing step reduction program and lower raw material costs. As a result, we are accelerating our fourth-quarter blended panel cost per watt goal by more than 10 percent and expect to achieve a cost per watt of less than $0.75 on an efficiency adjusted basis on our lowest cost solar panels as we exit 2012, a full year ahead of schedule [emphasis ours]."
Lower on the session are peers First Solar (Nasdaq: FSLR) and Yingli Green Energy (NYSE: YGE), while others like SunTech Power (NYSE: STP), Trina Solar (NYSE: TSL), and JA Solar (Nasdaq: JASO) are higher. SunPower is down over 12 percent on the session.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla touts acceleration of new models, but Q1 results fall short of estimates
- Stride Inc. (LRN) Tops Q3 EPS by 17c, provides guidance
- Zurn Water Solutions Corporation (ZWS) Tops Q1 EPS by 3c ; Provides Outlook
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
