Carnival Corp. (NYSE: CCL) said in its latest annual report, “Our European brands represent 33% of our total capacity at November 30, 2009, and we expect them to increase to 37% of our total capacity by 2012, assuming no new acquisitions, transfers or withdrawals are announced other than as previously discussed.”

Electronic Arts, Inc. (NASDAQ: ERTS) said in its year ago annual report that international net revenue increased by 4% to $1.8 billion, which it listed as 43% of total net revenue in fiscal year 2009.  Unfortunately, that was listed as  Europe, Australia, Asia and Latin America by the company.  Reuters listed the EMEA amount as 38% of revenues.

First Solar Inc. (NASDAQ: FSLR) has over half of its business tied to the E.U. region. Its 2009 annual report noted that Blizstrom GmbH, EDF EN Development, Gehrlicher Solar AG, Juwi Solar GmbH, and Phoenix Solar AG in 2009 each accounted for between 10% and 19% of all component segment sales.  Reuters noted that its revenue exposure to EMEA (Europe, Middle Esat and Africa) was 77%.  This is getting the double-whammy as oil prices are heading further south each day along with the Euro.

Flowserve Corp. (NYSE: FLS) for its flow controlled equipment said that Europe accounted for 25% of its 2009 revenues in its annual report.

Harman International Industries Inc. (NYSE: HAR) has significant exposure.  The Stamford, Connecticut-based maker of audio products and electronic systems said, “Sales to Audi/Volkswagen accounted for 15%, sales to BMW accounted for 15% and sales to Daimler accounted for 8% of our total consolidated net sales for the fiscal year ended June 30, 2009.”  That is 38% tied to those three E.U. manufacturers.

International Flavors & Fragrances Inc. (NYSE: IFF) said in its latest annual report, “For the year ended December 31, 2009, 35% of our sales were to customers in Europe, Africa and Middle East (“EAME”), 26% in North America, 24% in Greater Asia and 15% in Latin America.”

Millipore Corp. (NYSE: MIL) showed in its 2009 Annual Report that some 40% of its $1.65 billion in revenues came from the European Region.  This is in life sciences tools.

Philip Morris International, Inc. (NYSE: PM) had over 27% of its 2009 cigarette shipment volume tied to the European Union.  The difference is that over 40% of its operating companies’ income was tied to the E.U.  The 2009 cigarette shipments were down 3.3%, revenue was down 6.6% and income outside of currency grew 4.4% in 2009.

JON C. OGG

Analysts had expected SunPower to record revenue of $396.8 million and non-GAAP EPS of $0.57. The company came in with revenue of $401 million and non-GAAP EPS of $0.70. SunPower said than 2009 non-GAAP revenues would be in the range of $1.6-$2.0 billion, and fully diluted EPS would be in the range of $2.20-$2.80. Analysts estimates for 2009 are revenues of $1.88 billion and EPS of $2.64, about the midpoint of SunPower’s own projections.

SunPower’s solid report boosted competitor First Solar, Inc. (NASDAQ:FSLR) as well this morning. Still, First Solar shares are off 52-week highs by about 56%, and SunPower stock is off nearly 70% in the same time period.

The companies are looking to get a boost from the US government’s economic stimulus package. Because the details of that package are still murky, recovery in share prices is cautious. But since November, the trend line is slightly up.

SunPower noted that it is "encouraged by the commitment" of the new President and the new Congress to renewable energy. That’s all well and good, but that and $4 will get you a tall latte.

Paul Ausick