US solar company SunPower has recorded a $604m GAAP net loss for 2011, after having made a $179m profit in the previous year.
GAAP revenue for the year had actually improved to $2.3bn, up $100m compared to 2010, but the GAAP gross margin had fallen to 9.9 per cent from the previous year’s 23 per cent.
GAAP revenue generated in the last quarter decreased year-on-year and compared to the previous three months at $563m, down from $705m in the third quarter and $937 in the same period in 2010.
During the year, SunPower produced modules with a capacity of 922MW, a significant increase on the prior 12 months’ total of 584MW.
Tom Werner, president and CEO of SunPower, said, ‘We finished the year with a better than expected fourth quarter, as demand for SunPower’s differentiated technology sold through our diversified downstream channels enabled us to reach annual records in both revenue and shipments. Operationally, we achieved both our panel production cost target and accelerated manufacturing step reduction programme milestones. As the market transitions, the companies with the strongest balance sheets will gain share. Our strategic partnership with Total solidifies SunPower as one of the leading companies in the industry today.’
Dennis Arriola, chief financial officer of SunPower, added, ‘We exited 2011 with more than $683m in available cash and liquidity, and continued to improve our working capital metrics in the fourth quarter. In 2012, our new reporting format will reflect our restructuring into a regional organisation which will help reduce our operating expenses year over year. Looking forward, we have sufficient resources and liquidity to grow production, increase market share and implement our manufacturing step reduction roadmap, while meeting our 2012 financial plan.’
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