SunPower sees loss in 1st quarter 2013 but strong demand in U.S. and Japan

Strong sales boosted the company’s revenue for the 1st quarter of 2013, which rose 29 percent from $494.1 million for the same period in 2012. Net loss also declined, compared to $74.5 million recorded last year.

SunPower Corp. is not letting a first-quarter loss of $54.7 million get it down as strong demand has raised its sales for revenues of $635.4 million.

Strong sales boosted the company’s revenue for the 1st quarter of 2013, which rose 29 percent from $494.1 million for the same period in 2012. Net loss also declined, compared to $74.5 million recorded last year.

According to Tom Werner, SunPower president and chief executive officer, this is a strong quarterly performance for the company which can be credited to the company’s activities in North America and Japan.

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“Regionally, North America posted excellent results in all end segments. In our power plant business, we started initial construction of the 576-megawatt Antelope Valley Solar Projects for MidAmerican Solar (see related story) and reached 90 percent completion on the California Valley Solar Ranch Project owned by NRG Energy,” he said.

In addition, SunPower projects remain in strong demand in Japan, with orders from Toshiba and Sharp accounting for 25 percent of the total first-quarter shipments.

The decline in prices and changes in solar initiative policies in the Europe had driven SunPower’s business in that once profitable region down, spurring reorganization efforts, including the shutdown of much of their operations in the Asian country of the Philippines in 2012 (see related story).

With the improvement of conditions in Europe, SunPower is also confident that it will return to profitability in the region by end of 2013. – EcoSeed Staff

ECOticias.com – EcoSeed

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