Energy Business

SunPower Soaks Up Florida Sun Ahead of Earnings (SPWRA, FPL)

Douglas A. McIntyre

Solar PV maker SunPower Corp. (NASDAQ: SPWRA) has won a two-year supply agreement with FPL Group (NYSE: FPL) for solar panels and tracking technology. The contract begins next year. SunPower has also agreed to open a research and development center in Florida “if the state continues its robust solar program.”  Interestingly enough, this announcement comes hours before the company reports its earnings.

SunPower will report first quarter 2009 earnings after the market closes today. Analysts are expecting EPS of $0.24 on revenues of $269.05 million. In the fourth quarter of 2008, SunPower posted revenues of $401 million and EPS of $0.35.

SunPower shares are up about 3.5% this morning in pre-market trading, to $28.25. The stock’s 52-week range is $18.50-$107.00.

Paul Ausick
April 23, 2009