SunPower unveiled the financial results for the third quarter of 2015. Although the revenue decreased sequentially from the prior quarter and 3Q14, the company continues on its global strategy of expanding PV power plant constructions in the quarter through 2016.
In 3Q15, the GAAP total revenue was US$380.2 million, slightly decreased from 2Q15 and rapidly reduced from 3Q14. The GAAP gross margin was 16.5%. The GAAP net loss was US$56.3 million compared to 2Q15’s net income US$6.5 million and 3Q14’s net income US$32.0 million.
The balance sheet shows that the revenue in power plant segment rapidly decreased from the prior quarter and the same quarter last year. However, the revenue reduction was believed to resulted from SunPower’s extensive investment in global PV power plant constructions, especially in regions include Latin America, EMEA and APAC. In addition,
"In the power plant segment, we successfully met our commitments and further built out our holdco asset base in preparation for project drop downs to 8point3 Energy Partners,” pointed out Tim Werner, SunPower president and CEO, in the conference call. “Specifically, our 135MW Quinto project, which is now owned by 8point3 Energy Partners, remains on plan for non-GAAP revenue recognition in the fourth quarter. Additionally, we completed the construction of our 8-MW Riverside Public Utilities project as well as expanded our international footprint with the completion of our 12-MW Roc du Doun power plant in France and 40 MW of projects developed for Apple in China. Finally, we were awarded a 20-MW project for Sulphur Springs Valley Electric Cooperative in Arizona, scheduled for delivery in 2016.”
The business performance in residential segment grew in the quarter, while North American demand remains high as customers showed their favor to SunPower’s products and services. The company also debuted the fully-integrated Helix platform for easy-installations of commercial projects.
Guidance
For the fourth quarter of 2015, SunPower expects non-GAAP revenue of $1.25 billion to $1.30 billion, gross margin of 28 percent to 29 percent, EBITDA of $300 to $325 million and megawatts deployed in the range of 275 MW to 305 MW. On a GAAP basis, the company expects revenue of $300 million to $350 million, gross margin of 5 percent to 6 percent and net loss per diluted share of $1.25 to $1.15. Fourth quarter 2015 GAAP guidance includes the impact of the company's holdco strategy and deferrals due to real estate accounting.
For fiscal year 2015, the company's non-GAAP expectations are as follows: revenue of $2.50 billion to $2.55 billion, gross margin of 23 percent to 24 percent, net income per diluted share of $1.95 to $2.05, capital expenditures of $250 million to $300 million and gigawatts deployed in the range of 1.15 GW to 1.18 GW. On a GAAP basis, the company expects 2015 revenue of $1.50 billion to $1.55 billion, gross margin of 15 percent to 16 percent and net loss per diluted share of $1.70 to $1.60. Fiscal year 2015 GAAP guidance includes the impact of the company's holdco strategy and deferrals due to real estate accounting.
