SunPower Corporation (Nasdaq: SPWRA, SPWRB) released figures for Q4 2008 and provided cautious guidance for 2009. Revenue for the fourth quarter was $401 million, 56% of which was from the Components and the remaining 44% from the full System divisions.
Key takeaways from the announcement:
- Generated fourth quarter 2008 revenue of $401 million, up 79% year-on-year
- Recorded fiscal year 2008 revenue of $1.43 billion, up 85% year-on-year
- Achieved fourth quarter 2008 GAAP net income per share of $0.35, $0.70 non-GAAP
- Announced two multi-year agreements with European integrators totalling 230MW
- Added more than 350 residential and small-commercial dealers worldwide in 2008
- Appointed Dennis Arriola as the company's new CFO
- Maintained strong liquidity with over $436 million in cash and investments
- Expects fiscal year 2009 revenue of $1.6 billion to $2.0 billion
"Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership," continued Werner. "Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today's economic and credit environment."
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