SunPower Corporation reported strong revenues of $466 million in the third quarter, marking an increase from gross incomes of $298 million in the second quarter and $378 million in the same period in 2008.
Based on Generally Accepted Accounting Principles (G.A.A.P), the Nasdaq-listed company reported a gross margin of 19.1 percent, an operating income of $34.6 million and earnings per diluted share of $0.13 for the third quarter of the 2009 fiscal year, which ended on September 27.
On a non-G.A.A.P basis, SunPower’s gross margin was 20.7 percent while operating income touched $52.1 million. Earnings per diluted share reached $0.42.
The G.A.A.P is a framework of accounting standards, rules and procedures that most companies follow when preparing financial statements. Often, companies also review their non-G.A.AP financial measures, or adjusted earnings, in order to gauge their financial performance.
A company’s gross margin is the proportion of each dollar of revenue retained as gross profit. Operating income represents revenue from the company’s business operations, excluding operating expenses.
Earnings per share pertain to the portion of a company's profit earmarked to each outstanding share of common stock. Diluted earnings per share is a performance metric used to gauge the quality of earnings per share if all convertible securities, such as convertible preferred shares, stock options and warrants, were exercised.
SunPower’s strong financial performance during the third quarter was attributed to the expansion of its global dealer partner network and the successful execution of its large-scale commercial solar projects, said chief executive Tom Werner.
SunPower’s dealer network grew to approximately 900 partners, including partners from France, Korea and Canada.
"Operationally, our global engineering, procurement and construction team achieved a new record in the third quarter with more than 60 megawatts of SunPower power plants under construction,” added Mr. Werner.
SunPower has already commissioned its 25-megawatt DeSoto power plant for Florida Power & Light, which Mr. Werner claimed has already surpassed the Nellis Air Force Base as the largest operating solar photovoltaic power plant in America.
The company has also secured financing for its 24-MW Montalto project, the largest power plant in Italy.
Established in 1985, SunPower designs and manufactures solar photovoltaic products for residential, business, government and utility customers. The San Jose, California-based company has offices in North America, Europe, Australia and Asia.
SunPower makes solid third quarter finish
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