SunPower Beats Q3 Expectations As Profits Fall

SunPower Corporation SPWR beat third-quarter expectations Wednesday, even as profits fell 70 percent.

The solar energy company offered an outlook largely in-line with the consensus, but traded down 1.6 percent early in Wednesday's session, changing hands recently at $30.33 per share.

SunPower's third-quarter net revenue in the Americas grew 17 percent to $517.8 million, but revenue fell 99 percent in Europe to $44.63 million. In Asia, revenue grew 6.3 percent to $103.3 million, from $94.32 million.

SunPower forecast fourth-quarter adjusted earnings of $0.15 to $0.30 per share, on net revenue of $675 million to $725 million, versus Wall Street's expectation of adjusted earnings of $0.30 per share on revenue of $653.41 million.

For fiscal 2014, the company forecast adjusted income of $1.25 to $1.40 per share, on net revenue of $2.54 billion to $2.59 billion. Analysts expect adjusted earnings of $1.29 per share on revenue of $2.58 billion.

Third-quarter net income fell to $32 million, or $0.20 per share, from $108.4 million, or $0.73 per share, while revenue grew to $662.7 million, from $657.1 million. Adjusted income fell to $0.30 per share. from $0.44 per share.

Wall Street expected adjusted earnings of $0.24 per share, on revenue of $628.7 million.