SunPower Corporation expected to Report Q1 2010 Results on April 19, 2010. This event was calculated by Capital IQ (Created on March 19, 2010).

SunPower Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended January 3, 2010. For the quarter, the company reported revenue was $548 million which compares to $465 million in the third quarter of 2009 and $398 million in the fourth quarter of 2008. For the quarter, on GAAP basis, the company reported gross margin of 20.3%, operating income of $43.0 million, net income of $8.67 million and net income per diluted share of $0.09 compared to gross margin of 21.5%, operating income of $46.2 million, net income of $19.64 million and net income per diluted share of $0.20 in the third quarter of 2009 and operating income of $55.18 million, net income of $28.46 million and net income per diluted share of $0.33 for the fourth quarter of 2008. As a result of the restatement, the fourth quarter of 2009 includes a $2.6 million benefit, or $0.02 earnings per share. The company's fourth-quarter GAAP results include $3.6 million, or $0.03 per diluted share, in expenses related to its recently completed accounting investigation. On a non-GAAP basis for the fourth quarter of 2009, the company reported a total gross margin of 21.7%. Operating income for the quarter was $60.3 million and net income per share was $0.47 compared to operating income of $77.9 million and net income per share of $0.66 for the same quarter last year. The company's fourth-quarter non-GAAP results include $3.6 million, or $0.03 per diluted share, in expenses related to the completed accounting investigation. As a result of the restatement, the fourth quarter of 2009 includes a $2.6 million benefit, or $0.02 earnings per share. In the third quarter 2009, the company reported non-GAAP gross margin of 23.1%, operating income of $63.8 million and $0.46 net income per share. The company reported income before income taxes and equity earnings of unconsolidated investees of $31.233 million, net cash provided by operating activities of $88.03 million and purchases of property, plant and equipment of $18.19 million compared to income before income taxes and equity earnings of unconsolidated investees of $33.44 million, net cash provided by operating activities of $41.17 million and purchases of property, plant and equipment of $115.16 million for the same period last year. For the full year, the company reported revenue of $1,524.28 million, operating income of $61.83 million, income before income taxes and equity in earnings of unconsolidated investees of $44.27 million, net income of $33.17 million, net income per diluted share of $0.36, net cash provided by operating activities of $123.74 million and purchases of property, plant and equipment of $167.8 million compared to revenue of $1,437.59 million, operating income of $154.41 million, income before income taxes and equity in earnings of unconsolidated investees of $116.07 million, net income of $89.53 million, net income per diluted share of $1.05, net cash provided by operating activities of $154.83 million and purchases of property, plant and equipment of $265.9 million for the same period last year. On non-GAAP basis, the company reported operating income of $128.04 million and income per share of $1.01 compared to operating income of $244.39 million and income per share of $2.13 for the same period last year. For fiscal year 2010, the company's non-GAAP guidance is revenue of $2.0 billion to $2.25 billion, net income per diluted share of $1.25 to $1.65, capital expenditures of $375 million to $475 million. For fiscal year 2010 the company's GAAP guidance is revenue of $2.00 billion to $2.25 billion and net income per diluted share of $0.05 to $0.35. For the first quarter of 2010, the company's non-GAAP guidance is revenue of $330 million to $350 million and net income per diluted share of approximately $0.05. Guidance for the first quarter of 2010 includes the negative impact of $3.3 million or $0.03 per diluted share in SunRay acquisition costs and $5.3 million or $0.04 per diluted share in costs associated with the company's accounting investigation. For the first quarter of 2010, the company's GAAP guidance is revenue of $330 million to $350 million and net income per diluted share of approximately breakeven.

SunPower Corporation restated its financial statements for the year ended December 28, 2008, for the nine months ended September 27, 2009, and for the three months ended January 3, 2010. For the year ended December 28, 2008, the company reported decrease in net income of $9,659 or $0.11 per diluted share of class A and class B common stock. For the nine months ended September 27, 2009, the company reported decrease in net income of $7,715 or $0.08 per diluted share of class A and class B common stock. For the three months ended January 3, 2010, the company reported increase in net income of $476.

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