SunPower announced its financial results for 3Q14. Revenue and net income both grew compared with the previous quarter and 3Q13, representing a strong performance driven by demand for distributed generation and power plant systems, explained Tom Werner, SunPower president and CEO.
|
($ Millions, except percentages and per-share data) |
3rd Quarter 2014 |
2nd Quarter 2014 |
3rd Quarter 2013 |
|
GAAP revenue |
$662.7 |
$507.9 |
$657.1 |
|
GAAP gross margin |
16.4% |
18.5% |
29.4% |
|
GAAP net income |
$32.0 |
$14.1 |
$108.4 |
|
GAAP net income per diluted share |
$0.20 |
$0.09 |
$0.73 |
|
Non-GAAP revenue |
$704.2 |
$621.1 |
$619.5 |
|
Non-GAAP gross margin |
16.7% |
19.5% |
19.1% |
|
Non-GAAP net income |
$46.4 |
$43.9 |
$58.8 |
|
Non-GAAP net income per diluted share |
$0.30 |
$0.28 |
$0.44 |
3Q14 non-GAAP results include net adjustments that, in the aggregate, increase net income by $14.4 million, including a ($0.7) million gross margin adjustment related to the timing of revenue recognition from utility and power plant projects, $13.7 million in stock-based compensation expense, $5.5 million in non-cash interest expense, $6.1 million of other adjustments and ($10.2) million in tax effect.
"Our third-quarter results reflect another strong quarter of execution, driven by significant demand for both distributed generation and power plant systems," said Tom Werner, SunPower president and CEO. Regionally, power plant systems in North America contributed most to the company’s income by a total of around 1023MW AC projects. “We also continue to see strong demand in the commercial sector as we booked more than 20-MW of power purchase agreements (PPA).”
Werner added, “In the residential channel, third quarter bookings were up more than 50% sequentially as customers continued to choose SunPower for their solutions to take advantage of our quality, performance and flexible financing options.”
EMEA and Japanese markets were also stable and SunPower plans to continue its development in these areas through providing high efficiency products to power plants as well as rooftops.
Finally, “on the operations side, we achieved a major milestone during the quarter as we produced our one billionth solar cell, representing a cumulative output of more than 3 GW,” said Werner.