09.08.12

SunPower: Q2 2012 Results

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SunPower Corp. announced financial results for its 2012 second quarter ended July 1, 2012.

($ Millions except per-share data)
    

2nd Quarter

2012
    

1st Quarter

2012
    

2nd Quarter

2011

GAAP revenue
    

$595.9 (1)
    

$494.1(1)
    

$592.3

GAAP gross margin
    

12.3%
    

9.2%
    

3.3%

GAAP net loss
    

($84.2)(2)
    

($74.5)(2)
    

($147.9)(2)

GAAP net loss per diluted share
    

($0.71)(2)
    

($0.67)(2)
    

($1.51)(2)

Non-GAAP gross margin(3)
    

15.1%
    

12.7%
    

12.5%

Non-GAAP net income (loss) per diluted share(3)
    

$0.08
    

($0.12)
    

($0.19)

Megawatts produced
    

257
    

288
    

205

(1) GAAP revenue excludes $54.8 million and $86.2 million for the second quarter of fiscal 2012 and the first quarter of fiscal 2012, respectively, in revenue related to the construction of utility power plant projects and construction activities. See details in the non-GAAP measure disclosure included in this press release.

(2) GAAP results include approximately $90.6 million and $54.0 million for the second quarter of fiscal 2012 and the first quarter of fiscal 2012, respectively, in net, pre-tax charges and adjustments excluded from non-GAAP results.  Q2 2011 GAAP results include pre-tax charges and adjustments, net of approximately $102.1 million excluded from non-GAAP results.

(3) A reconciliation of GAAP to non-GAAP results is included at the end of this press release.

"Our second quarter 2012 results reflect the success of our diversified end market strategy and good execution on both our technology and cost roadmaps, all enabling us to exceed our margin and earnings targets for the quarter," said Tom Werner, SunPower president and CEO.  "In North America, our utility and power plants group again outperformed as we met our second-quarter project commitments and remain ahead of plan for our 250-megawatt (MW) California Valley Solar Ranch (CVSR) project for NRG Energy.  In the North American residential segment, we increased our leading market share, doubling the number of signed leases in the second quarter compared to the first quarter.  Europe remains a very challenging market and we are looking at a number of strategies to improve our long term performance in the region.  In Asia, demand in Japan remains strong and we are well positioned for future growth through our partnership with Toshiba.

"Operationally, we had a very strong quarter related to cost reduction as our blended cost per watt declined more than 10 percent sequentially as we benefitted from higher yields, further execution on our manufacturing step reduction program and lower raw material costs.  As a result, we are accelerating our fourth-quarter blended panel cost per watt goal by more than 10 percent and expect to achieve a cost per watt of less than $0.75 on an efficiency adjusted basis on our lowest cost solar panels as we exit 2012, a full year ahead of schedule.  Additionally, the commercial production of our Maxeon® Gen 3 solar cell technology, with efficiencies of up to 24 percent, is on track and we are increasing shipments of our 21 percent efficiency panel to customers.

"We firmly believe that by effectively managing our assets, driving new market development, controlling operating expenses and investing in areas that offer us the greatest returns, we will be in a leading market position when the industry exits its current transition phase," concluded Werner.

Key milestones achieved by the company since the first quarter of 2012 include:

    Beat cost per watt target for the quarter, lowering fourth quarter 2012 forecast by more than 10 percent
    Signed a 6-MW SunPower® C7 Tracker deployment agreement with a U.S. utility for first half of 2013 construction
    Finalized agreement with Citi and Credit Suisse for $325 million in lease financing capacity
    Expanded residential lease program to 225 dealers – more than 10,000 leases signed to date
    Installed more than 30 percent of 250-MW CVSR power plant for NRG Energy
    Sold 25-MW McHenry Solar Project to K Road Power, 25-year power purchase agreement with Modesto Irrigation District
    Extended current supplier agreement with Toshiba for the Japanese market

"We prudently managed our balance sheet and working capital during the quarter as we reduced inventory and lowered our expenses," said Chuck Boynton, SunPower CFO.  "Looking forward, we continue to drive cost reduction initiatives and invest in our industry leading technology while leveraging our partnership with Total for emerging market development."

Second quarter fiscal 2012 GAAP results include pre-tax charges, expenses and adjustments totaling approximately $90.6 million, including a $14.9 million gross margin adjustment related to the timing of revenue recognition from utility power plant projects and construction activities, $44.5 million in restructuring charges related to the company's consolidation of its Philippines manufacturing operations, $22.3 million in stock-based compensation, non-cash interest expense and amortization of intangible expenses, $4.6 million related to charges on manufacturing step reduction program, $3.0 million of restructuring charges related to December 2011 Restructuring Plan, and $1.3 million related to acquisition and integration costs.  These charges are excluded from the company's non-GAAP results.  Additionally, second-quarter GAAP results exclude an adjustment of approximately $54.8 million in revenue related to GAAP real estate accounting requirements.

2012 Financial Outlook

The company's third quarter 2012 consolidated non-GAAP guidance is as follows: revenue of $550 million to $625 million, gross margin of 10 percent to 12 percent, earnings per diluted share loss of ($0.20) to ($0.05), capital expenditures of $25 million to $30 million and MW recognized in the range of 250 MW to 275 MW.  On a GAAP basis, the company expects revenue of $545 million to $620 million, gross margin of 8 percent to 10 percent and net loss per diluted share of ($0.25) to ($0.10).

For fiscal year 2012, the company expects non-GAAP revenue of $2.6 billion to $2.8 billion, GAAP revenue of $2.4 billion to $2.6 billion and MW recognized to be in the range of 900 MW to 1,050 MW.  SunPower remains committed to achieving break even or better non-GAAP profitability and a year-end unrestricted cash balance of more than $300 million, while investing in cost reduction initiatives.

This press release contains both GAAP and non-GAAP financial information.  Non-GAAP historical figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release.  Please note that the company has posted supplemental information and slides related to its second quarter 2012 performance on the Events and Presentations section of the SunPower Investor Relations page at http://investors.sunpowercorp.com/events.cfm.  The capacity of power plants in this release is described in approximate megawatts on an alternating current (ac) basis unless otherwise noted.

About SunPower

SunPower Corp. designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.SunPowercorp.com.

Source: SunPower Corp.
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