US solar manufacturer and developer Sunpower Corp. recorded increased GAAP revenues of $420.5 million for Q2 2016 compared to $381.0 million in Q2 2015. The company recorded a sharp year-on-year decrease in GAAP net income from $6.5 million in Q2 2015 to net loss of $70.0 million in Q2 2016.
The company announced due to »the realignment of our power plant segment principally around our core markets, we have made the decision to close our Philippine panel assembly facility and transfer the equipment to our latest generation, lower cost facilities in Mexico,« furthermore workforce reduction of approximately 15 percent or 1,200 employees, primarily related to its Philippine facility closure, and annual operating expense reductions of approximately 10 percent.
The company’s third quarter fiscal 2016 GAAP guidance is revenue of $700 million to $800 million, and net loss of $5 million to net income of $20 million. Sunpower is updating its previously disclosed fiscal year 2016 guidance, as well as providing selected forecasts for fiscal year 2017. On a GAAP basis, the company now expects 2016 revenue of $2.8 billion to $3.0 billion, and net loss of $175 million to $125 million. Shipments will be in the range of 1.45 GW to 1.65 GW. For 2017, the company expects a GAAP net loss of $200 million to $100 million.
Harvestar Solutions Limited
August 1, 2016
US solar manufacturer and developer Sunpower Corp. recorded increased GAAP revenues of $420.5 million for Q2 2016 compared to $381.0 million in Q2 2015. The company recorded a sharp year-on-year decrease in GAAP net income from $6.5 million in Q2 2015 to net loss of $70.0 million in Q2 2016.
The company announced due to »the realignment of our power plant segment principally around our core markets, we have made the decision to close our Philippine panel assembly facility and transfer the equipment to our latest generation, lower cost facilities in Mexico,« furthermore workforce reduction of approximately 15 percent or 1,200 employees, primarily related to its Philippine facility closure, and annual operating expense reductions of approximately 10 percent.
The company’s third quarter fiscal 2016 GAAP guidance is revenue of $700 million to $800 million, and net loss of $5 million to net income of $20 million. Sunpower is updating its previously disclosed fiscal year 2016 guidance, as well as providing selected forecasts for fiscal year 2017. On a GAAP basis, the company now expects 2016 revenue of $2.8 billion to $3.0 billion, and net loss of $175 million to $125 million. Shipments will be in the range of 1.45 GW to 1.65 GW. For 2017, the company expects a GAAP net loss of $200 million to $100 million.
Notice: Images and logos is for illustration purposes only and not intended for patent infringement