Seeking Alpha

SunPower reverses course, now -2.6% AH on mixed Q2, guidance

  • SunPower's (SPWR) Q2 EPS beat had much to do with a gross margin of 19.5%, -320 bps Q/Q but +480 bps Y/Y and well above guidance of 14%-16%. SunPower attributes the gains to cost reductions.
  • Full-year GM guidance is now at 18%-20%, above a prior 15%-17%. Q3 GM guidance of 17%-19%.
  • SunPower still expects to recognize 1GW-1.1GW in module shipments in 2013. 277MW were recognized in Q2, near the high end of a guidance range of 260MW-280MW. 240MW-260MW expected in Q3.
  • Q2 Americas sales (68% of revenue) -1% Y/Y. EMEA -31%. Asia-Pac +110%, thanks in part to 30% Q/Q growth in Japan.
  • Americas GM was 22.5% in Q2, -1000 bps Q/Q and +340 bps Y/Y. EMEA GM was 9.7% after being negative for three straight quarters. Asia-Pac came in at 16.6%.
  • All of SunPower's plants are running at 100% utilization.
  • Shares +391% YTD going into the report.
  • Q2 results, PR, slides, datasheet
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