http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/sunpower-reaps-rewards-for-shareholders-with-450-net-growth.html

Nasdaq-listed solar technology manufacturer SunPower enjoyed a strong 2010, nearly doubling its yearly revenue and quintupling its net income, its latest financial results show.

The manufacturer outstripped its earnings per share guidance with $1.44 per share in the fourth quarter, compared to $0.21 the previous quarter, and $0.09 the previous year.
Its net income maximised in the fourth quarter to more than seven times what it achieved the previous quarter, from $20.1m to $152.3m. Its revenue increased 70 per cent to $927.1 quarter-on-quarter, pushing its gross margin above 25 per cent.
Its strong operating performance in the fourth quarter, coupled with global sales, resulted in a cash balance exceeding $900m at the end of the fiscal year.
Strong results saw SunPower’s preferred shares rise from $16.20 on early trading Wednesday, to $17.19 at close of trading on the day it released the results, continuing an upward trend since a low of $14.99 on 10 February.
The trend indicates its stock is edging closer to the share price high of $19.76 it reached in mid-March 2010, but is still well below the $83.60 its shares traded for back in 2008.
As a result of its backlog growth, the company has raised its revenue and earnings epr share guidance for 2011, above predictions it gave in November.
SunPower CFO Dennis Arriola said, ‘We enter 2011 with a strong balance sheet, ample liquidity and a continued focus on improving our cash flow from operations and working capital management.
‘Given the strong visibility of our 2011 revenue plan and our confidence in achieving our goals, we have hedged more than 65 per cent of our expected European business at a rate of €1 to $1.34.’
The company increased its global dealer network to 1,500 partners and is on its way to 2,000 partners this year, according to its CEO Tom Werner.
He said, ‘Due to the success of our accelerated cost reduction roadmap, we are on plan to achieve our efficiency-adjusted panel cost goal of $1.08 per watt in the fourth quarter of 2011. Given our strong 2010 performance, robust downstream demand and strong visibility, we are confident in our ability to deliver on our improved 2011 plan.’