$$$ SunPower, die amerikanische SW $$$
BO
der letzte dreht das Lich aus das bin ich
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Wertpapier: SunPower Corp |
SunPower shares sink on dim 4Q results, outlook
Associated Press, 03.19.10, 11:49 AM EDT
NEW YORK --
Shares of SunPower Corp. tumbled on Friday, a day after the solar cells and panels maker reported a sharp fall in fourth-quarter profits after restating earlier earnings due to accounting errors.
The shares fell $2.56, or 11.6 percent, to $19.48 in morning trading.
On Thursday after the markets closed the company said its fourth-quarter earnings plunged 70 percent to $8.7 million, or 9 cents per share, compared with a year earlier.
The dim news and disappointing 2010 forecasts forced several analysts to lower their view on the company, while others encouraged investors to snap up the now-bargain-price stock.
Caris & Co. analyst Ben Pang cut his price target for SunPower to $18 from $21, noting that the company's forecast for 2010 profit between $1.25 per share and $1.65 per share, excluding one-time items, is significantly lower than the average analyst estimate of $1.78 per share.
"SunPower continues to execute on their cost-reduction roadmap. However, we think earnings could be compromised by lower tariffs and stiffer market-share competition," said Pang, adding that the company's products are "losing differentiation."
Other analysts mirrored Pang's price target cut, including Credit Suisse, Citigroup and Ardour Capital.
Wedbush analyst Christine Hersey downgraded SunPower to "Underperform" from "Neutral" given the company's high cost structure and diminishing earnings power.
"We believe pricing pressure from Chinese module makers and continued industry oversupply of modules will impact results for the company through 2011," she said, lowering her price target to $15 from $21.
Meanwhile, Jefferies & Co. analyst Paul Clegg rated the company "Buy," advising traders to take advantage of the stock's discounted price.
Clegg said SunPower's business model, strong brand and distribution network position it to capture market share and overcome its cost challenges.
Lazard Capital Markets analyst Sanjay Shrestha also rated SunPower "Buy" but cut his price target to $35 from $40.
to snap up the now-bargain-price stock
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Wertpapier: SunPower Corp |
The American solar firm boasts record earnings and record efficiencies.
.
In a market where some crystalline silicon companies are taking a severe beating (See Shyam's Q-Cells analysis) SunPower held an open house for press and an earnings call which revealed strong earnings and a relatively bright outlook.
First, the numbers from the earnings call:
2009 Year End and Fourth Quarter Numbers
•SunPower reported 4Q09 results with revenues of $548M, gross margin of 21.8%, compared to $465 million in the third quarter of 2009 and $398 million in the fourth quarter of 2008.
•The firm completed construction of more than 40 megawatts of large scale power plant projects during the fourth quarter
•On a non-GAAP basis for the fourth quarter of 2009, SunPower reported a total gross margin of 21.7% with an operating income of $60.3 million.
•The firm ended the year with more than $925 million in cash and investments
•Dennis Arriola, SunPower's CFO said, "Despite the difficult industry conditions in the first half of 2009, we grew revenue by 6% versus 2008."
•SunPower announced the conclusion of the ongoing accounting investigation related to its Philippines operations.
•SunPower has a total pipeline of 1.6GW over the next five years
2010 Guidance
•For 2010, revenues are expected to be between $2.0 billion and $2.25 billion
•Management guidance takes into account 20% declines in module pricing, and total production of least 550MW.
•For the first quarter of 2010, the company's non-GAAP guidance is: revenue of $330 million to $350 million
Press Briefing and Tour
SunPower will soon celebrate its 25th anniversary and can mark some large accomplishments:
•The company has grown from 50 employees in 2003 to its current 5,000 employees across the globe, of which 650 are in the San Francisco Bay Area.
•There are 500 megawatts of SunPower power plants around the world.
•In 2009 the company's run rate was 400 megawatts. When their next fab in the Philipppines is complete, SunPower will have 1 gigawatt of cell capacity.
•All four of SunPower's acquisitons over the last five years have been in the downstream market -- making them "one of the more vertically integrated companies."
Julie Blunden, Vice President, Public Policy and Corporate Communications led the press briefing and Thomas Dinwoodie, Founder and CTO led a brief tour of the historic Richmond, California SunPower facility. The airy, high-ceilinged building is a former Ford Model A factory now capped with one megawatt of solar panels on its roof.
We saw deployment examples of their massive T20 tracker system (used at the 14 megawatt Nellis Air Force Base project), the non-penetrating roof-mount T5 model and the company's solar roofing tile.
SunPower still has the world's highest efficiency commercially available solar cells -- NREL has certified a SunPower module at 20.4% efficiency and the firm's Gen 3 cells are at 24%.
And some notes from Tom Werner CEO of SunPower
SunPower has not acquired or invested in ingots and silicon manufacturers and don’t expect that to change, he said. Instead, SunPower will continue to focus more on technology and products utility scale power plants and building out the channels to reach more customers.
“The profit will be in the downstream of the value chain in future years,” he said. That said, Werner stated that SunPower likely won’t sell power directly. Instead, it will sell increasingly turnkey systems to developers. “We don’t want to own,” he said.
Thin film is intriguing but SunPower likely won’t get into it. The returns will likely be greater if it continues to focus on improving its existing products.
As for competition, Chinese manufacturers are still not rivaling the company in the high efficiency end of the market.
“High efficiency is mostly talk. We don’t see Chinese companies competing with us on energy density,” he said. Werner didn’t give a name of a company, but he likely meant Suntech Power Holdings, which last year unfurled its high efficiency Pluto panels. Pluto panels do not hit the same levels of efficiency as SunPower’s best panels, but the high teens achieved by the panels beat Suntech’s regular panels.
Despite the low impact of the restated numbers and the optimism at the firm, quarterly profits were down and some analysts were disappointed by the 2010 guidance. The stock fell about 9 percent on the news.
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On Thursday, during its conference call to discuss fourth-quarter results, SunPower said it would use its balance sheet to help finance solar projects developed through its recent acquisition of SunRay Renewable Energy Ltd.
The action marks a change in strategy for the U.S.-based solar panel maker, which last year said it wouldn't follow thin-film panel maker First Solar Inc.'s (FSLR) short-term investments in two solar projects with any financing moves of its own.
"We're not a bank," SunPower Chief Financial Officer Dennis Arriola said last March, citing the stress any equity investments would put on the company's balance sheet.
Since then, much has changed. SunPower's available cash has grown to $616 million from $220 million last year, putting it in a better financial position to support some projects until they can be sold to investors. Meanwhile, panel prices keep dropping, adding pressure to SunPower's profits and the premium it fetches for its higher-efficiency panels.
Shares of SunPower fell 15% Friday because of disappointing fourth-quarter results and 2010 outlook. Wall Street's strong reaction indicates how investors will react if financing arrangements can't help boost profits, and if the higher costs related to project development continue.
SunPower Chief Executive Tom Werner said that by making an equity investment in solar projects, SunPower will be able to sell fully-developed projects for a higher return than selling early in the process.
"There is risk associated with that, but with risk comes reward," he said. "SunRay gives us that capability to make that decision."
While this is the first move by SunPower to finance projects, the company has been lauded for its aggressive moves to create links with customers. SunPower has built a massive network of dealers selling solar systems to consumers and businesses. And SunRay offers closer ties to utility-scale projects in that market regardless of whether SunPower puts its balance sheet to use.
Kevin Landis, manager of Firsthand Funds, which holds SunPower shares, said it can be tough to watch companies jump into downstream markets. As an investor, it can "make you cringe," he said.
But with the fragmented market in solar-project development, sometimes, "You have to do what you have to do," to keep projects, and the resulting sales, moving forward.
"Relative to the other solar players, you'd still rather be in SunPower shares," he said.
SunPower's position as a top supplier gives it a unique opportunity to move into these downstream markets, but keeping costs down and maintaining a strong balance sheet as it begins to finance projects will keep investors' attention, particularly due to the tentative moves of others.
First Solar head of investor relations Larry Polizzotto said the company isn't planning to build a business around financing projects but saw its two investments as keeping projects on track.
"It was more of an opportunistic thing," he said, adding that one of the short-term investments, for $48 million, is expected to provide a 7% return when it is repaid in May.
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Wertpapier: SunPower Corp |
While Q4 results were fine, and the company also completed its investigation into accounting issues at its Philippines unit, the weak forecast is weighing heavily on the shares. As noted yesterday, the company sees non-GAAP Q1 revenue of $330 million to $350 million, with profits of 5 cents a share, well below the previous Street estimates of $427.3 million and 34 cents. For the full year, SunPower expects revenue of $2 billion to $2.25 billion, with EPS of $1.25 to $1.65; the Street has been forecasting $2.06 billion and $1.78.
The Street is not happy about the guidance, and analysts are chopping their numbers. Here’s a rundown on some of their revised thinking on the stock:
* Timothy Arcuri, Citigroup: He repeated his Sell rating, cutting his price target to $15, from $18. With the company’s recent acquisition of SunRay, he notes, SPWRA is increasing reliant on its systems business for profits; he calculates that its core module business trades at a 60%-70% premium to Chinese vendors. “While SPWRA continues to get an efficiency and ‘based in U.S.’ premium, this seems unjustified given that gross margins for the Chinese players are as good or better than SPWRA -a nd likely to remain so for the foreseeable future,” he writes.
* Gordon Johnson, Hapolaim Securities: He repeats his Sell rating and $15 target. “Given the potentially severe module pricing pressure to follow Germany’s 15% mid-year feed-in-tariff cuts - and the potential for other countries to follow suit in reducing subsidies - France, Italy and the Czech Republic - in conjunction with industry wide capacity ramps, it is likely SPWRA’s price premium will weaken in 2010…we anticipate Street numbers will have to come down through the year.”
* Gary Hsueh, Oppenheimer: He repeats his Perform rating. “While most peers expect sequential growth in Q1/Q2, SPWRA is experiencing the opposite due to a push out of systems revenue from the first half to the second half,” he writes. “We remain on the sidelines on SPWRA given disappointing guidance, a high cost structure and lumpy systems business.”
* Ben Pang, Caris & Co.: He maintains his Below Average rating, cutting his target to $18, from $21. “We think earnings could be compromised by lower tariffs and stiffer market share competition,” he writes.
* Colin Rusch, ThinkEquity: He rates the stock “Hold,” cutting his target to $20, from $34. “The real story emerging for SunPower is revision of GAAP earnings estimates lower due to compensation costs associated with the SunRay acquisition, the impact of price erosion on the company’s earnings power, and the company’s evolving business model, which continues to move closer to customers and away from manufacturing,” he writes. “As the company is becoming more of a sales organization than a technology company, we believe a reduction in earnings multiple is warranted.”
I would point out here that the stock still has plenty of fans. Here are a few more bullish views:
* John Hardy, Broadpoint.Amtech: He keeps a Buy rating, with a $29 target. “Results and guidance were weaker than expected, though we view removal of accounting overhand and added project visibility positively,” he writes.
* Vishal Shah, Barclays Capital: He maintains his Overweight rating and $28 target. “We believe the cost structure, pricing premium and market opportunity is not well understood by investors,” he writes, adding that with shares trading at about 1.3x book versus 2-4x book for most solar companies, “downside appears limited.”
* Ramesh Misra, Brigantine Advisors: He maintains a Buy rating, with a $24 price target. “Clearly the solar market is increasingly being driven by larger utility scale solar projects, and SunPower’s pursuit of opportunities here, especially in Italy - augmented by the acquisition of SunRay - means a reset of earnings expectations,” he writes, but adds that he remains bullish, “as we think SunPower is among the best positioned solar companies to benefit from the metamorphosis underway in the industry.”
Today, though, the bulls are not being heard.
SPWRA is down $3.36, or 15.3%, to $18.68
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Wertpapier: SunPower Corp |
BS Reporter / Chandigarh April 4, 2010, 0:57 IST
The Punjab government, in collaboration with US-based SunPower Corporation and Enterprise Business Solutions (EBS), has decided to set up solar power plants in the state.The plants are expected to generate 1,000 Mw over the next two years.
Chief Minister Prakash Singh Badal directed the Secretary, Science & Technology, Viswajeet Khanna, to prepare a comprehensive plan to establish the network of solar power plants through Punjab Energy Development Agency (PEDA).
Badal also asked the representatives of SunPower and EBS to set up solar panels at rooftops of government buildings as part of a demo project. This, the chief minister said, would be replicated in other government buildings like district administrative complexes, warehousing and Markfed godowns
mehr:
http://www.business-standard.com/india/news/punjab-to-setsol…
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Wertpapier: SunPower Corp |
SunPower Corporation (NASDAQ:SPWRA) is the 2nd fastest-growing stock in this segment of the market. Its long-term annual EPS growth is expected to be 36.1%. This number is based on the average estimate of 8 brokerage analyst(s)
http://www.cnanalyst.com/2010/04/...stp-ener-yge-tsl-apr-28-2010.html
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Flextronics fertigt Solar-Panels für SunPower
isuppli prognostiziert EMS-Boom für Solar-Panelshttp://www.elektroniknet.de/e-fertigung/news/...om_fuer_Solar-Panels/
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...nach dieser Meldung geht die Aktie weiter unter...
http://www.prnewswire.com/news-releases/...-may-11-2010-92300664.html
WARUM BLOSS?
Lediglich der Kurs Euro-Dollar rettet ein Teil der Verluste
http://www.thestreet.com/story/10739353/1/...ock-losers-sunpower.html
The investor jury may still be out on whether First Solar's acquisition of a 1.1 gigawatt pipeline on Wednesday is a stroke of genius, but it seemed clear that solar investors were viewing the First Solar move as a slap in the face of SunPower
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halb so schlimm, der Markt ist gross genug für alle, wie ich meine
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Wertpapier: SunPower Corp |
Hoffe nur, dass die Zahlen am 11.05.2010 diesmal besser ausfallen!!
zu # 375:
"Im Q1 2010 wird mit einem Umsatz von 330-350 Mio. USD und einer "schwarzen Null" gerechnet."
....nicht "schwarze Null"....... besser über den Erwartungen !! :-) Dann wären eigentlich mal endlich wieder die
> 20 USD$ fällig.......na besser nicht den Tag vor dem Abend loben.
Gruß male
SunPower Adds 40-Megawatt Capacity to California Valley Solar Ranch for PG&E / 250-megawatt California Valley Solar Ranch Design Incorporates Community Feedback
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SAN JOSE, Calif., April 29 /PRNewswire-FirstCall/ -- SunPower Corp. today announced it has executed an agreement with Pacific Gas and Electric Company (PG&E) that completes contractual arrangements for the development of a 250-megawatt (AC) solar photovoltaic (PV) power plant in San Luis Obispo County, Calif. Today's agreement adds 40 megawatts (MW) of capacity to SunPower's existing contract for 210 MW, which was executed in August 2008. When complete, the 250-MW California Valley Solar Ranch is expected to be one of the largest photovoltaic solar power plants in the world.
The California Valley Solar Ranch agreement was designed to accommodate the additional 40-MW capacity, eliminating the need for any amendments to SunPower's county permit application. The solar plant will be completed in phases, with the first phase planned to begin operation in 2011.
"We are thrilled to continue to advance one of the first central station solar power plants in the world with PG&E and in coordination with San Luis Obispo County," said Howard Wenger, president of SunPower's utilities and power plants business group. "The California Valley Solar Ranch will generate pollution-free solar power that is competitive with new, conventional peak power. Our incremental 40-MW agreement with PG&E provides more visibility into our power plant pipeline in 2011 and beyond."
Responding to feedback from the local community, SunPower revised several aspects of its original power plant design to minimize environmental impacts and enhance the system's visual profile. SunPower has also been working with the community to reduce the amount of traffic in the area during construction and to protect local wildlife habitat and migration patterns.
SunPower has more than 550 MW of large solar power systems installed or under contract globally around the world. In the U.S., the company recently completed 35 MW for Florida Power&Light, with 25 MW at the nation's largest operating solar PV plant at DeSoto Next Generation Solar Energy Center and a 10 MW installation at the Kennedy Space Center, both located in Florida. SunPower also installed the largest urban solar power plant, an 8-MW power plant for Exelon in Chicago, and recently announced the financing of a 19-MW power plant for Xcel Energy in Colorado.
Construction of the California Valley Solar Ranch is contingent on a number of factors, including the receipt of all applicable permits, completion of transmission upgrades and financing.
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10:28 03.05.10
Rating-Update:
London (aktiencheck.de AG) - Vishal Shah, Analyst von Barclays Capital, stuft die Aktie von SunPower (Profil) mit "overweight" ein. Das Kursziel sehe man bei 28 USD
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16:48 10.05.10
Rating-Update:
New York (aktiencheck.de AG) - Die Analysten von Auriga USA stufen die Aktie von SunPower (Profil) von "sell" auf "hold" hoch. (10.05.2010/ac/a/u)
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16:34 10.05.10
Rating-Update:
Greenwich (aktiencheck.de AG) - Die Analysten von Broadpoint.AmTech stufen die Aktie von SunPower (Profil) unverändert mit "buy" ein. Das Kursziel werde von 29 USD auf 21 USD gesenkt. (10.05.2010/ac/a/u)
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"On a Generally Accepted Accounting Principles (GAAP) basis, for the first quarter of 2010, SunPower reported gross margin of 20.7%, an operating loss of $2.9 million and net income per diluted share of $0.13. This compares to gross margin of 15.2%, an operating loss of $18 million and a net loss per diluted share of $0.12 in the first quarter of 2009. First quarter 2010 GAAP results include a $0.33 per share tax benefit."
Bei einem Umsatz von 347 Mio. USD hat SunPower im Q1 einen Rohertrag von 72 Mio. USD erzielt ... Das operative Ergebnis war mit - 2,9 Mio. USD leicht negativ ... Der Nettogewinn liegt bei 13 Cent je Aktie ... ist aber durch einen positiven Steuereffekt um 33 Cent "nach oben verzerrt" ... bereinigt um diesen Steuereffekt lag der Nettoverlust bei 20 Cent je Aktie ...
Für das Gesamtjahr prognostiziert SunPower einen Umsatz zwischen 2,00 - 2,25 Mrd. USD ... Netto soll das Ergebnis je Aktie zwischen - 20 Cent bis + 25 Cent liegen ...
Die Aktie zeigt sich nachbörslich sehr schwach (- 6%) ...
salve
http://finance.yahoo.com/news/...s-prnews-200707136.html?x=0&.v=1
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Wertpapier: SunPower Corp |
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Angehängte Grafik:
sp.jpg (verkleinert auf 79%)
sp.jpg (verkleinert auf 79%)
16:49 12.05.10
Rating-Update:
New York (aktiencheck.de AG) - Die Analysten von Caris & Company stufen die Aktie von SunPower (Profil) weiterhin mit "below average" ein. Das Kursziel werde von 18 USD auf 14 USD gesenkt. (12.05.2010/ac/a/u)
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