Sunpower returns to profit for second quarter of 2013

Facebook
Twitter
LinkedIn
Reddit
Email

Sunpower posted a return to profit in its second quarter 2013 financial results released on Wednesday 31 July.

The report detailed a second quarter 2013 profit of US$19.6 million, compared to a second quarter 2012 loss of US$84.2 million, and losses in the first quarter of this year of US$54.7 million. This marks the company’s first reported profit since the fourth quarter of 2010. Sunpower share prices have more than quadrupled this year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Revenue adjusted for generally accepted accounting principles (GAAP) was US$576.5 million, while the non-GAAP adjusted figure was US$650 million, compared to last year this was a modest decrease from a GAAP adjusted US$595.9 million and a non-GAAP figure of US$650.7 million. Megawatts produced stood at 296MW, compared to 208MW in the second quarter of 2012.

The company cited various highlights from the last quarter that had had a positive effect on its financial performance. This included more than US$100 million of projects booked in North America during the period, a 25MW supply agreement with a Japanese power plant and the securing of a three year revolving line of credit facility worth US$250 million.

Sunpower also reached a milestone in the building of California Valley Solar Ranch (CVSR), a 250MW plant, as panel installation was completed, keeping the project on track for full completion at the end of 2013. Construction meanwhile continued on a 579MW project, the Antelope Valley Solar Project (AVSP), now renamed Solar Star I and Solar Star II, which was sold to the SolarStar subsidiary of Warren Buffet-owned company MidAmerican Solar at the beginning of the year. SolarStar secured US$1 billion in funding for the project in June.

Tom Werner, Sunpower president and CEO, said in a statement that the North American business continued to be the “cornerstone” of the company’s success, while the continued strength of the Japanese market was now complemented by a resurgence in the European market, as Sunpower reported its third consecutive quarter of financial improvement there.

The company, which is majority owned by French oil and gas giant Total, has diversified focus in recent years from a pure manufacturing role to expand further into project development as well as branching further into the home solar lease market. Sunpower reported that as of the last quarter, 18,400 customers had joined the residential lease programme.

Read Next

July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.
July 3, 2025
Spanish IPP Zelestra has secured a €235 million (US$277 million) increase to its sustainability-linked loan, bringing the total to €770 million.
July 3, 2025
US tracker manufacturer GameChange Solar has introduced the Genius Tracker TF, a new terrain-following solar tracker system designed to deliver “the industry’s lowest grading requirement on challenging terrain.” 
Premium
July 3, 2025
Meeting the UK’s solar targets will not simply require the installation of new capacity, but investment in grid infrastructure and training.
July 3, 2025
TotalEnergies has expanded its renewables assets in the Caribbean, sold a stake in projects in Portugal and begun construction on two PV parks in Spain.
July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK