SunPower Rises on Forecast It May Return to ProfitChristopher Martin
SunPower Corp., the second-largest U.S. solar manufacturer, surged to a 21-month high after saying increased revenue from large solar power plants and rooftop systems may produce its first annual profit since 2010.
SunPower climbed 8.5 percent to $20.65, the highest since July 2011, at the close in New York. The shares have more than tripled this year.
Revenue this year will be in the range of $2.6 billion to $2.7 billion, the San Jose, California-based company said today in a statement. That’s higher than the $2.42 billion the company reported last year and the $2.57 billion average of 15 analysts’ estimates for 2013 compiled by Bloomberg. That will yield results ranging from a loss of 5 cents a share to net income of 20 cents.
The company, which hasn’t reported an annual profit since 2010, is expected to lose 28.5 cents a share this year, the average of eight estimates. SunPower is majority-owned by the French oil company Total SA
First Solar Inc. is the largest U.S. solar manufacturer.