SAN JOSE, Calif. (AP) _ SunPower Corp. (SPWR) on Wednesday reported fourth-quarter net income of $5.4 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had net income of 3 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 23 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The solar products and services company posted revenue of $603.8 million in the period. Its adjusted revenue was $607 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $609.1 million.
For the year, the company reported net income of $22.2 million, or 15 cents per share, swinging to a profit in the period. Revenue was reported as $1.99 billion.
For the current quarter ending in April, SunPower said it expects revenue in the range of $435 million to $470 million. Analysts surveyed by Zacks had expected revenue of $617.5 million.
The company expects full-year revenue in the range of $2.1 billion to $2.3 billion.
SunPower shares have risen 40% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.94, an increase of 89% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPWR at https://www.zacks.com/ap/SPWR
Automated Insights, source Associated Press News