In the first quarter fiscal 2014, Sunpower’s GAAP revenue was $692 million and non-GAAP revenue was $684 Million. Non-GAAP results include net adjustments that increase net income by $10.3 million.
GAAP net income (loss) was $65 million, compared to $22.3 million in Q4 2013 and $54.7 million in 1Q 2013.
Revenue for this quarter was driven by the solid ASPs across the board, the company said. Japan accounted for 22 percent of Sunpower’s shipments.
Regionally, Sunpower’s North America business continued to perform well. Some of the main projects include the 579-MWac Solar Star projects for MidAmerican Solar and 20-MWac SunPower C7 Tracker power plant. Sunpower also won several customers in commercial, corporate, public sector as well as residential segments during the quarter.
During the last month Sunpower signed two innovative lease financing transactions in North America: one with Google for approximately $250 million in fair market value lease financing; and ITC back-leveraged deal for $42 million with Hannon Armstrong.
The company’s EMEA business performed well as they exceeded their revenue and margin goals for the quarter. In Europe, demand remained strong and benefitted from an improving pricing environment. Sunpower expanded its footprint in France, where 44-MW of recently-awarded French tender projects specified SunPower’s technology.
“We continue to meet or exceed our power plant project commitments in EMEA, grid connecting the first phase of a 22-MW project in South Africa approximately five months ahead of schedule. With a strong backlog and favorable pricing trends, we remain bullish on our opportunities in this region,” Sunpower said.
Sunpower posted another solid quarter in Asia Pacific as pricing remained strong and demand for our distributed generation and power plant solutions in Japan significantly exceeded our supply. In China, our C7 manufacturing joint venture achieved a number of key milestones during the quarter, including our first cell package order totaling more than 70-MW.
The company plans to scale-up production of this power plant technology for the China market and expect additional orders this year.
“Solar is now competitive with traditional generation in many markets. We are well-positioned to lead future industry growth because of our unique strategy, differentiated products, 7.5 gigawatt (GW) global pipeline and a decade of experience in both distributed generation and power plant applications,” said Werner.
The company’s second quarter 2014 consolidated non-GAAP guidance is as follows: revenue of $575 million to $625 million, gross margin of 18 percent to 20 percent, net income per diluted share of $0.15 to $0.35 and MW recognized in the range of 275-MW to 300-MW.
On a GAAP basis, the company expects revenue of $500 million to $550 million, gross margin of 18 percent to 20 percent and net income (loss) per diluted share of ($0.10) to $0.10.