SunPower Corporation (NASDAQ:SPWRA) in the third quarter as the company reversed to a loss. Reported a loss of $370.8 million ($3.77 per diluted share) in the quarter. SunPower Corporation had a net income of $20.1 million or 21 cents per share in the year earlier quarter. Revenue rose 28.1% to $705.4 million from the year earlier quarter. SPWRA reported adjusted net income of 16 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 6 cents per share. Analysts were expecting revenue of $713.8 million.
“We executed well in the quarter as we met our third-quarter plan despite a period of rapidly changing market conditions,” said Tom Werner, SunPower president and CEO. “Our diversified channels provided us with the flexibility to reallocate product between business segments and regions. During Q3, we maintained our premium position in our Residential and Commercial (R&C) business while substantially gaining share in Germany and the United States. In our Utility and Power Plants (UPP) business, we completed the construction of both of our Italian power plants by the August 31 deadline and advanced a set of North American power plants through permitting and approvals. We remain focused on our 2011 panel cost reduction roadmap and have commenced production on the first line using our step-reduced cell manufacturing process.”
Competitors to Watch: First Solar, Inc. (NASDAQ:FSLR), Suntech Power Hldgs. Co., Ltd. (NYSE:STP), Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE), Evergreen Solar, Inc. (NASDAQ:ESLR), JA Solar Hldgs. Co., Ltd. (NASDAQ:JASO), Trina Solar Limited (NYSE:TSL), Energy Conversion Devices, Inc. (NASDAQ:ENER), Hoku Corporation (NASDAQ:HOKU), Canadian Solar Inc. (NASDAQ:CSIQ), and MEMC Electronic Materials, Inc. (NYSE:WFR).
MEMC Electronic Materials Inc. (NYSE:WFR) swung to a loss in the third quarter, missing analysts’ forecast. Reported a loss of $94.4 million (41 cents per diluted share) in the quarter. MEMC Electronic Materials Inc. had a net income of $17.6 million or 8 cents per share in the year earlier quarter. Revenue rose 2.6% to $516.2 million from the year earlier quarter. WFR reported an adjusted net loss of 22 cents per share. By that measure, the company fell short of mean estimate of 12 cents per share. It fell short of the average revenue estimate of $795.6 million.
“Although the markets in which we participate remain challenging, actions we took over the past several quarters have positioned us to better navigate this period,” said MEMC’s CEO Ahmad Chatila. “Our Semiconductor Materials business experienced softer demand during the quarter, but we believe our 300mm expansion in Korea enabled us to reduce the impact of underlying market weakness. Our Solar Materials business experienced further deterioration in solar wafer pricing, but remains positioned to compete in this uncertain market environment as customers turn to higher quality, stable suppliers with solid balance sheets. This business remains the foundation of our overall solar strategy, and we will continue increasing productivity to profitably serve our downstream solar business in future periods. SunEdison’s pipeline grew sequentially and now stands at 3.0 GW. This pipeline provides demand visibility to our upstream business, enhancing stability amidst an uncertain market environment. Our strategy of increasing semiconductor and solar productivity while investing for the long-term has not changed, and we remain committed to prudently managing our balance sheet and staying focused on cash flow.”
Competitors to Watch: Daqo New Energy Corp. (NYSE:DQ), AXT, Inc. (NASDAQ:AXTI), First Solar, Inc. (NASDAQ:FSLR), SunPower Corporation (NASDAQ:SPWRA), Spansion Inc. (NYSE:CODE), Micron Technology, Inc. (NASDAQ:MU), GT Solar Intl., Inc. (NASDAQ:SOLR), Hoku Corporation (NASDAQ:HOKU), Cymer, Inc. (NASDAQ:CYMI), and Photronics, Inc. (NASDAQ:PLAB).