by SunPower Corp that allows thinner solar wafers to be designed
into the shingles in Temecula, California, July 19, 2008.
REUTERS/Mike Blake
From MarketWatch Pulse
SunPower Corp., the producer of solar-powered electrical systems, said that earnings growth in the fourth quarter and in 2009 will be hurt by a currency matter.
In planning its global tax policy, SunPower changed the currency for some European units to euros from dollars, and the buck's strengthening against the euro left it under-hedged. The company expects to report fourth-quarter adjusted earnings of 58 cents to 65 cents a share on revenue of $388 million to $418 million.
For all of 2009, the company estimated adjusted earnings of at least $3 a share on revenue of $2 billion to $2.1 billion. The forex impact on adjusted profit should be 15 cents a share for the fourth quarter and 50 cents for all of 2009. The revenue impact should be $17 million for the quarter and $50 million in 2009.
A survey of analysts by FactSet Research produced consensus estimates of 60 cents of profit on $418.1 million of sales in the quarter. For 2009, the FactSet survey expects $3.01 of profit and $2.06 billion of revenue. The company has adjusted its hedging positions to limit the exposure of its net income to currency fluctuations, it said.
ETFs/Stocks :
- SunPower Corporation (SPWRA) $50.50 +6.42 (14.56%)
SunPower Corporation (SPWRB) $41.56 +6.32 (17.93%)
Claymore/MAC Global Solar Index (TAN) $13.55 +1.56 (13.01%)
Sources :
- MarketWatch Pulse: SunPower Sees Results Hit By Dollar's Strength Vs The Euro, November 05, 2008
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