SunPower posts USD-6.5m Q2 net profit
Jul 29, 2015 08:41 CEST
July 29 – US solar company SunPower (NASDAQ:SPWR) on Tuesday reported a GAAP net profit of USD 6.5 million (EUR 6m) for its second quarter 2015, falling from USD 14.1 million a year back.
In quarter-on-quarter terms, SunPower returned to the black. It launched a yieldco joint venture with peer First Solar Inc (NASDAQ:FSLR) earlier this year and posted a first-quarter loss of USD 9.6 million as it held onto projects rather than selling them.
“Our execution, as well as strong demand for our industry leading products, enabled us to post solid financial results for the [second] quarter,” commented CFO Chuck Boynton. SunPower’s non-GAAP net profit for the period was USD 27.2 million. The result includes net adjustments that raise the bottom line by USD 20.7 million, it noted.
The company’s operating loss expanded to USD 32.9 million from USD 11.1 million in Q1 2015 and USD 6.8 million in Q2 2014.
For the first half of 2015, SunPower reported a net loss of USD 3.1 million, against a USD-79.2-million profit a year earlier.
The following table gives more details about SunPower’s GAAP and non-GAAP results in Q2.
| Results in USD | Q2 2015 | Q1 2015 | Q2 2014 |
| GAAP Revenue | 381 million | 440.9 million | 507.9 million |
| GAAP Gross Margin | 18.6% | 20.6% | 18.5% |
| GAAP Net Profit (Loss) | 6.5 million | (9.6 million) | 14.1 million |
| GAAP Net Profit (Loss) per diluted share | 0.04 | (0.07) | 0.09 |
| Non-GAAP Gross Margin | 17.6% | 20.5% | 19.5% |
| Non-GAAP Net Profit | 27.2 million | 19.7 million | 43.9 million |
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