SunPower Announces 2011 Guidance
Company Announces Definitive Agreement for Sale of 15-MW Solare Roma Power Plant to Allianz Renewable Energy Partners Capital IV Ltd.
o 2011 GAAP revenue of $2.65 - $2.85 billion
o 2011 GAAP gross margin of 19%-21%, Non-GAAP gross margin of 20%-22%
o 2011 GAAP EPS of $0.35-$0.65, 2011 non-GAAP EPS of $1.75 - $2.05
SAN JOSE, Calif., Nov. 18, 2010 -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced its financial guidance for its 2011 fiscal year which it will discuss during its 2010 Analyst Day starting at 10:00 a.m. Eastern Time. Analyst Day presentations will be available via webcast from the company's investor relations website at investors.sunpowercorp.com/events.cfm at 8:00 a.m. Eastern Time.
For fiscal year 2011, the company projects revenues to be in the range of $2.65 to $2.85 billion with non-GAAP diluted earnings per share of $1.75 - $2.05. Additional details on 2011 guidance will be made available through the company's webcast and posted presentations during the Analyst Day event.
SunPower also announced today that Allianz Renewable Energy Partners IV Ltd. (a wholly owned subsidiary of Allianz SE) has signed a definitive sale and purchase agreement to acquire 100 percent of the equity in SunPower's wholly owned subsidiary, Orsa Maggiore PV Srl, which owns the 15-megawatt (MWp) Solare Roma photovoltaic power plant. The power plant is located in the municipality of Anguillara, Province of Rome, Lazio region, Italy. The transaction is expected to be completed by the end of 2010, subject to the fulfillment of standard closing conditions. SunPower designed and is building the power plant and will provide ongoing operations and maintenance services for the new owner.
"The definitive sale agreement signed with Allianz Renewable Energy Partners for the sale of our 15-MWp Solare Roma Italian power plant is an important milestone in reaching our 2010 financial goals," said Tom Werner, SunPower CEO. "This agreement is a direct result of our ability to offer sophisticated financial customers a reliable, turnkey operating power plant built with our bankable technology. We remain confident that we will complete the financing and sale of the final phases of our Montalto solar parks by year's end and meet our fourth quarter 2010 guidance."
The capacity of power plants in this release is described in approximate megawatts on a direct current (DC) basis unless otherwise noted. On an alternating current (AC) basis, the Solare Roma power plants is approximately 13-megawatts in total, and the final phases of the Montalto solar park is 44 megawatts.
About SunPower
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
SOURCE SunPower Corp.
CONTACT:Investors,Bob Okunski,+1-408-240-5447,Bob.Okunski@sunpowercorp.com,orMedia,Helen Kendrick,+1-408-240-5585,Helen.Kendrick@sunpowercorp.com,both of SunPower Corp.
Web Site: www.sunpowercorp.com
