SunPower issues positive 2013 guidance


Following a relatively positive Q1 2013, which saw SunPower Inc. reaping revenues of US$635.4 million, the U.S.-based solar company has issued guidance for the coming quarter and FY 2013. Overall, the figures look positive, with improvements expected on the back of a strong power plant backlog and stabilizing global pricing.

Looking at its GAAP guidance, revenues of $2.6 billion to $2.7 billion are predicted – increased from $2.42 billion in 2012 – while gross margin is expected to be in the range of 15 to 17%. Meanwhile, net (loss) income per diluted share is forecast to be between ($0.05) and $0.20. Overall, SunPower expects to produce a total of 1 to 1.1 GW of product, up from 936 MW last year.

In non-GAAP terms, the company expects to reap revenue of $2.5 billion to $2.6 billion, and achieve an adjusted EBIDTA of between $200 million to $240 million.

For Q2 2013, SunPower predicts GAAP revenues of $540 million to $590 million, and a gross margin of 13 to 15%. A net loss per diluted share of $0.25 to $0.15 is expected, and between 260 to 280 MW of photovoltaics produced.

In a statement released, the company wrote, "SunPower remains committed to reducing its operational expenses by 10 percent compared to 2012 and expects to generate free cash flow, including lease financings, in the range of $100 million to $200 million while continuing to invest in its technology roadmap and manufacturing cost reduction initiatives."

Project pipeline

This year, SunPower expects to complete its 315 MW CVSR photovoltaic project, while the 748 MW AVSP project is scheduled to come online between 2013 and 2014. Meanwhile, installation of its 135 MW Quinto project and 128 MW Henrietta project, the manor milestones of which are said to already be complete, should take place between 2014 and 2015, and 2015 and 2016, respectively.

In terms of photovoltaic power plants either deployed or under construction, the company says it has a pipeline totaling 16 projects, or 1.2 GW across eight countries, including the U.S., France, South Africa, Saudi Arabia and Australia.

Overall, its entire power plant pipeline, is said to include 300 projects worth over six GW across 45 countries. Specifically, SunPower says it comprises 3.1 GW in the Americas, 830 MW in Europe, 1.48 GW in the Middle East and Africa, and over one GW in the APAC region.