Sunpower (SPWRA) reported outstanding earnings results after the bell yesterday, beating analyst estimates and raising guidance for this year. The company reported a non-GAAP EPS of $1.36/share (vs. the analyst estimate of just $1.05) on revenues of $937 million (vs. the analyst estimate for $931 million. That’s good for a near tripling of the year-ago EPS number and a doubling of the year-ago revenue number.
Adding to the bullish report, the company is raising guidance for 2011 as well. For Q1 the company is estimating non-GAAP EPS at $0.15-0.21/share on revenues of $475-525 million (vs. the analyst estimate for $0.16/share on revenues of $487 million). For the full year, it predicts non-GAAP EPS coming in at $2.00-2.20 on revenues of $2.8-2.95 billion (vs. the analyst estimate for $1.87 in EPS on revenues of $2.77 billion). A strong quarter across the board.
CEO Tom Werner commented:
Operationally, we successfully integrated our acquisition of SunRay Renewable Ventures, which significantly contributed to recognizing revenue on more than 100 megawatts (MW) of power plants in Europe in 2010. We also increased our global dealer network to 1,500 partners and are on our way to 2,000 partners this year. In addition, we commenced operations of our Fab 3 Malaysian joint venture, and we are on track to produce more than a third of our solar cells at Fab 3 this year. Due to the success of our accelerated cost reduction roadmap, we are on plan to achieve our efficiency-adjusted panel cost goal of $1.08 per watt in the fourth quarter of 2011. Given our strong 2010 performance, robust downstream demand and strong visibility, we are confident in our ability to deliver on our improved 2011 plan.
Shares of SPWRA were up another 7% in after-hours trading and continued their march off the August lows. I believe shares are on their way to around the next important resistance zone in the $19-20 range. I’d be a profit taker up there.