SunPower Increases Quarterly Revenue, First Solar Sees Big Losses
By Robert Dydo:SunPower's (SPWR) first-quarter revenue of $494 million was a 9% increase over the same period last year, but it was a drop of 12% sequentially in comparison to Q4. While the gross margin saw a drop of 53% compared to the same period last year, the result was in line with Q4, achieving a positive 9%. The net income was a negative $74 million, or a loss of $0.67 per share. Cash and cash equivalents went down 54% to $302 million quarter to quarter, while the company managed to reduce its debt by 34% from $978 million to $639 million. In absolute dollars, this represents a transfer of items on the balance sheet worth of $335 million, including the redemption of $199 million of convertible debt.The company's 21% efficiency modules are the highest rated commercially, including modules from other manufacturers. However, even with the adjustment for this efficiency, theComplete Story »
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