SunPower lifts 2015 adj earnings forecast, sees up to 1.3 GW installed

Sunpower modules. Author: pgegreenenergy. License: Creative Commons, Attribution 2.0 Generic.

US solar company SunPower (NASDAQ:SPWR) on Tuesday lifted its 2015 guidance for adjusted net profit and EBITDA, and said it is to deploy between 1.25 GW and 1.3 GW for the entire year.

The company now expects non-GAAP earnings per diluted share in the range of USD 1.50 (EUR 1.36) to USD 1.80. On a GAAP basis, including the impact of SunPower's holdco strategy, it projects a loss of between USD 2.35 and USD 2.05 per diluted share.

SunPower also raised its forecast for 2015 earnings before interest, tax, depreciation and amortisation (EBITDA) to a range of USD 425 million to USD 475 million from USD 400 million-450 million. It also anticipates 2016 EBITDA growth of about 20% from the midpoint of the 2015 range.

When reporting its Q1 2015 results, SunPower did not provide estimates for the full 2015 because it was waiting for the outcome of its negotiations with peer First Solar Inc (NASDAQ:FSLR) regarding the potential creation of their joint yieldco. Its prior 2015 forecast dates back to November 2014.

SunPower's 2015 forecast
in USD	Current 2015 forecast	Old 2015 forecast
Non-GAAP revenue	2.4 billion-2.6 billion
Non GAAP gross margin	21%-23%
Non-GAAP net profit per diluted share	1.50-1.80	1.10-1.50
Capital expenditures	250 million-300 million	300 million-350 million
GAAP revenues	1.5 billion-1.7 billion	2.4 billion-2.6 billion
GAAP gross margin	10%-12%	21%-23%
GAAP net profit (loss) per diluted share	(2.35-2.05)	0.55-0.95

As per the third quarter of 2015, SunPower projects that non-GAAP EBITDA will be at between the breakeven point and USD 15 million and the gross margin will be 10%-12%. Its GAAP net loss per diluted share is seen in the range of USD 0.60 and USD 0.50. Revenue, both GAAP and non-GAAP, is expected to stand at USD 400 million-450 million

For July-September, the company expects to install between 300 MW and 330 MW.

(USD 1.0 = EUR 0.906)

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