SunPower expects no revenue growth in 2013, shares fall
(Reuters) - SunPower Corp (SPWR.O), majority-owned by Total SA (TOTF.PA), reported a wider fourth-quarter net loss as it took charges related to the restructuring of its businesses, and said it expects revenue for this year to be same as 2012.
Shares of the company fell 7 percent in extended trading, after closing at $8.40 on Thursday on the Nasdaq.
The U.S. solar company, whose overall manufacturing cost declined by more than 25 percent in 2012, expects a loss of between $0.60 and $0.85 per share for the first quarter, its ninth straight quarterly loss.
SunPower's results and forecast show that the solar market, especially in Europe, was not improving, but the company is seeking to offset the slowdown with better cost management.
The San Jose, California-based company expects first-quarter non-GAAP gross margin between 18 percent and 22 percent. The company reported gross margin of 18.7 percent for the fourth quarter.
The company's net loss widened to $144.8 million, or $1.22 per share, for the quarter ended December30, from $93 million, or 94 cents per share, a year ago.
Excluding items, the company earned 18 cents per share, better than analysts' estimates of 14 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 8 percent to $678.5 million.
(Reporting By Nichola Groom and Thyagaraju Adinarayan; Editing by Sriraj Kalluvila)