SunPower (Nasdaq:SPWRA), the manufacturer of the world’s highestefficiency crystalline silicon photovoltaic panels, just reported itsfirst-quarter 2011 results. This comes on the heels of its recent big news of being acquired by French oil and gas concern Total. Margins were down and the firm moved to a slight loss after a profitable Q4 in 2010.
- Q1 2011 revenue of $451 million vs. $347 million in Q1 2010
- Q1 GAAP gross margin of 19.6 percent
- Q1 2011 ending cash, restricted cash and equivalents balance of $671 million
- Module cost in the quarter was $1.68 per watt
Tom Werner, SunPower president and CEO said:
- “Our revenue was lower than planned as a result of changing market conditions in Europe."
- "We exceeded our manufacturing cost reduction targets for the quarterand remain on plan to achieve our efficiency-adjusted panelcost-per-watt target of $1.08 in the fourth quarter of this year."
- “We were also pleased to recently announce Total’s transformationalinvestment in SunPower through a share tender offer which began on May3, 2011." (That was a $1.3 billion investment.)
- Focused on reducing inventory levels — the firm is working through over-ordered inverters.
Other key milestones:
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