(ADPnews) - Nov 15, 2010 - US photovoltaic (PV) equipment maker SunPower Corp (NASDAQ:SPWRA) reported a GAAP net profit of USD 20.1 million (EUR 14.8m) for the third quarter of 2010, up from USD 19.5 million a year earlier.
The results for the period exceeded the company's expectations thanks to its cost-cutting programme and stable average selling prices, SunPower said.
GAAP earnings per share (EPS) stood at USD 0.21, compared with USD 0.20 in the prior-year period. Non-GAAP EPS declined to USD 0.26 from USD 0.46 on an annual basis.
The gross margin for the quarter declined slightly to 20.4% from 21.5%.
Revenue amounted to USD 550.6 million, up from USD 465.4 million in the third quarter of 2009.
SunPower projects GAAP EPS to be in the range of USD 0.45-0.60 in the fourth quarter, with a gross margin of 19-21%. Revenue is seen at USD 870 million-970 million.
For the full year, GAAP EPS are expected to be around USD 0.75-0.90. The gross margin is projected at 20-21%, while revenues are to reach USD 2.15 billion to USD 2.25 billion.
"For 2011, we continue to see more demand than supply in our growing utility and power plants and residential and commercial businesses," Tom Werner, chief executive of SunPower, said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.