Oct 29, 2014 - US vertically integrated solar firm SunPower (NASDAQ:SPWR) today reported a net profit of USD 32 million (EUR 25m) for the third quarter of 2014, up by 127% quarter-on-quarter but down 70.5% year-on-year.
Non-GAAP net profit was USD 46.4 million, close to the USD 43.9 million booked in the second quarter of 2014. Third-quarter non-GAAP gross margin was 16.7%, which compares to 19.1% a year ago and 19.5% a quarter ago.
Chief executive Tom Werner said that in the July-September quarter SunPower enjoyed significant demand for both distributed generation and power plant systems. He said the firm’s technology, competitive cost structure and significant project pipeline, as well as the manufacturing capacity expansion that is in progress, will allow it to remain a major player on the solar front now that solar power is increasingly competitive with traditional sources.
SunPower’s revenue for the reporting period grew to USD 662.7 million from USD 657.1 million a year ago and USD 507.9 million in the preceding quarter. North America remained the most significant contributor. Japan and China are also strong markets for the firm.
At the end of September the company had USD 1.2 billion in total liquidity. “We remain committed to optimizing our cash flow and further investing in our next generation research and development,” said SunPower's chief financial officer Chuck Boynton.
(USD 1 = EUR 0.785)
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