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SunPower Reports Record Fourth-Quarter and Fiscal Year 2010 Results
- 2010 GAAP revenue grew 46% to $2.22 billion from $1.52 billion in 2009
- 2010 GAAP EPS growth of 401%, non-GAAP EPS growth of 84%
- Q4 2010 GAAP revenue increased 70% over Q3 2010
- Working capital improved by $258 million in 2010 with ending cash of $900 million
SAN JOSE, Calif., Feb. 17, 2011 /PRNewswire/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced financial results for its 2010 fourth quarter and fiscal year which ended January 2, 2011.

($ Millions except per-share data)
4th Quarter
2010
3rd Quarter
2010
4th Quarter
2009
2010
2009
GAAP revenue
$937.1
$550.6
$547.9
$2,219.2
$1,524.3
GAAP gross margin
25.4%
20.4%
20.3%
23.0%
18.6%
GAAP net income
$152.3
$20.1
$8.5
$178.7
$32.5
GAAP net income per share
$1.44

.21

.09
$1.75

.35
Non-GAAP gross margin*
26.6%
22.3%
21.7%
24.8%
20.4%
Non-GAAP net income per share*
$1.36

.26

.47
$1.85
$1.01
Cash and cash equivalents
$900.4
$926.7
*A reconciliation of Non-GAAP to GAAP results is included at the end of this press release
"SunPower's outstanding results in the fourth quarter and 2010 reflect strong execution of our strategy as we achieved annual revenue growth of 46% and materially exceeded the high end of our non-GAAP annual earnings per share guidance given at our Analyst Conference in November," said Tom Werner, SunPower CEO. "Operationally, we successfully integrated our acquisition of SunRay Renewable Ventures which significantly contributed to recognizing revenue on more than 100 megawatts (MW) of power plants in Europe in 2010. We also increased our global dealer network to 1,500 partners and are on our way to 2,000 partners this year. In addition, we commenced operations of our Fab 3 Malaysian joint venture and we are on track to produce more than a third of our solar cells at Fab 3 this year. 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."
Key milestones achieved by the company since the third quarter of 2010 include:
Announced agreement to sell 250 MW California Valley Solar Ranch power plant to NRG Solar
Executed industry's first publicly-rated solar project bonds, approximately euro 195 million, and sold 72 MW Montalto Solar Park
Dedicated 1,400 MW Fab 3 joint venture in Malaysia with AU Optronics
Signed three power purchase agreements with Southern California Edison totaling 711 MW
Expanded global utility and power plant pipeline to more than 5 GW in 2010
Achieved record North American Commercial backlog — 90% booked for 2011
Awarded largest school contract in the US - 11 MW dc at 51 schools
Added approximately 500 partners to global dealer network in 2010 — exited year with 1,500 partners
"Our strong operating performance in the fourth quarter, coupled with our successful financing and sale of power plants globally, resulted in ending cash of more than $900 million in 2010," said Dennis Arriola, SunPower CFO. "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% of our expected European business at a rate of 1 euro to $1.34 U.S. dollars. As a result of the continued growth in our backlog of business, we have increased our revenue and earnings per share guidance for the first quarter and for full year 2011 from the forecast we provided at our Analyst Conference in November."

2011 Guidance
Q1 2011
FY 2011
Revenue ($MM)
$475 — $525
$2,800 — $2,950
Gross Margin (Non-GAAP)*
20% — 22%
20% — 22%
Gross Margin (GAAP)
19% — 21%
19% — 21%
Net Income per diluted share (Non-GAAP)*

.15 —
.21
$2.00 — $2.20
Net Income (loss) per diluted share (GAAP)
(
.09) — (
.03)

.70 —
.90
*A reconciliation of Non-GAAP to GAAP guidance is included at the end of this press release
All historical information included in the release reflects the company's change in segment reporting that was instituted in the second quarter of 2010.
This press release contains both GAAP and non-GAAP financial information. Non-GAAP historical figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release. Please note that the company has posted supplemental information and slides related to its fourth quarter 2010 performance on the Events and Presentations section of the SunPower Investor Relations page at https://investors.sunpowercorp.com/events.cfm. The capacity of power plants in this release is described in approximate megawatts on an alternating current (ac) basis unless otherwise noted.
About SunPower
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australiaand Asia. For more information, visit www.sunpowercorp.com.