SunPower Q3 Adj. Profit Tops View; Issues Q4 Outlok - Quick Facts

(RTTNews) - SunPower Corp. (SPWR) reported net income for the third quarter of $32.0 million or $0.20 per share, compared to $108.4 million or $0.73 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $46.4 million or $0.30 per share, compared to $58.8 million or $0.44 per share in the prior year quarter. On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.26 per share. Analysts' estimates typically exclude special items.

Revenue for the third quarter rose to $662.7 million from $657.1 million a year ago, while adjusted revenue for the quarter was $704.2 million, up from $619.5 million last year. Analysts expected revenue of $628.69 million for the third quarter.

Looking forward to the fourth quarter, the company forecasts earnings of $0.20 to $0.35 per share, adjusted earnings of $0.15 to $0.30 per share, revenue of $675 million to $725 million and adjusted revenue of $575 million to $625 million, Analysts currently expect the company to earn $0.30 per share on revenue of $653.41 million for the fourth quarter.

For fiscal year 2014, the company now expects earnings of $0.95 to $1.10 per share, adjusted earnings of $1.25 to $1.40 per share, revenue of $2.54 billion to $2.59 billion and adjusted revenue of $2.58 billion to $2.63 billion, Analysts currently expect the company to earn $1.29 per share on revenue of $2.58 billion for the full year 2014.

Earlier, the company expected earnings of $0.75 to $1.05 per share, adjusted earnings of $1.10 to $1.40 per share, revenue of $2.55 billion to $2.70 billion and adjusted revenue of $2.50 billion to $2.65 billion.