Solar PV module producer and project developer SunPower Corp. (San Jose, California, US) on April 30th, 2015 announced financial results for Q1, 2015.
The company reported GAAP revenue of USD 440.9 million for the quarter, compared to USD 692.4 million in Q1, 2014, and USD 1,164.2 million in Q4, 2014. Net loss in Q1, 2015 was USD 9.6 million in contrast to a net income of USD 65.0 million in Q1, 2014 and a net income of USD 134.7 million in the last quarter of 2014.
Q1, 2015 GAAP gross margin was 20.6% (Q1 2014: 23.5%) as against 22.3% in Q4, 2014.
Record quarterly output at SunPower’s cell manufacturing facilities
“Our solid first quarter results reflect the advantages of our global, diversified downstream strategy as demand for our high efficiency systems in both our power plant and distributed generation segments remains strong,” said Tom Werner, SunPower president and CEO.
“Operationally, we achieved record quarterly output at our cell manufacturing facilities in the first quarter and continued to execute against our long-term cost reduction roadmap. We are pleased with our progress implementing our next generation cell technology in our new Fab 4 facility.”
Construction of SunPower’s 135 MW Quinto solar PV project is proceeding, and with expected completion scheduled in the fourth quarter, the company intends to contribute this project to the proposed joint venture YieldCo vehicle, 8point3 Energy Partners, currently in registration.
“We also executed on our project commitments in the commercial segment and added to our growing pipeline. Our residential business remains robust as customers continue to choose SunPower for our technology leadership, long-term value proposition and financing options,” Werner commented.
“Strong execution and demand for our high efficiency technology enabled us to meet our financial targets for the quarter as we further invested in our fab capacity, Smart Energy solutions and holdco strategy,” said Chuck Boynton, SunPower CFO.
“With our significant global pipeline, proposed joint YieldCo vehicle, focus on cost control and investments in new technology and partnerships, we believe we are well-positioned for success in 2015.”
SunPower to withhold fiscal year 2015 guidance until finalization of estimates regarding the YieldCo performance
Despite the Q1, 2015 SunPower believes that its underlying business fundamentals remain strong for 2015. However, in light of the joint YieldCo plans with First Solar, and the pending S-1 registration statement, the company will withhold fiscal year 2015 guidance until the company can finalize the estimates regarding the impact of the proposed YieldCo vehicle on the company's expected financial performance.
2015-05-04 | Courtesy: SunPower Corp. | solarserver.com © Heindl Server GmbH
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