SunPower shines a ray of light with Q1 figures

Share

In the first three months of this year, SunPower posted revenue of US$635.4 million which, although down from $678.5 million in the final quarter of 2012, is a significant increase on the $494.1 million raised from January to March 2012.

And with income from the Americas and Asia Pacific markets on the rise, SunPower president and CEO Tom Werner was even able to predict a return to profitability in the ailing Europe, Middle East and Africa sector by the end of the year, helped by a recent 65 MW order for his company and partners in France.

The California company – 66% owned by French petroleum giant Total – staunched losses with the $144.7 million deficit from October to December 2012 reduced to $61.9 million from January to March, a figure which also compares favorably with the $74.5 million lost in the same period of 2012.

Revenue from the Americas may have fallen quarter-on-quarter – from $520 million to $484 million – but saw a significant rise from the $281 million raised in the opening three months of last year with construction having started on the mammoth Antelope Valley scheme and 90% complete on NRG Energy’s California Valley Solar Ranch.

Outside the power plants division, solar leasing continued its popularity with demand again exceeding SunPower’s financing capacity during the quarter, the company having thus far signed up 16,200 customers amounting to 130 MW of photovoltaic generation.

From January to the end of March, SunPower was also well placed to take advantage of the burgeoning post-Fukushima solar market in Japan with customers Sharp and Toshiba accounting for a quarter of the panels shipped and Asia Pacific revenues rising from $69 million to $83 million on the previous quarter and up from $57 million on a like-for-like basis.

Although the company’s total assets fell from $3.34 billion to $3.16 billion quarter-on-quarter, that change was accompanied by a reduction in liabilities from $2.35 billion to $2.22 billion – a balance sheet that would be the envy of most of the company’s Chinese rivals.

SunPower is set to announce its predictions for the second quarter and full year with a press conference and webcast on May 15, an accurate indicator of more promising figures to come.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.