SunPower third-quarter profit tops estimates

LOS ANGELES Wed Oct 30, 2013 4:14pm EDT

LOS ANGELES Oct 30 (Reuters) - SunPower Corp on Wednesday reported a quarterly profit that soared past expectations thanks to stable prices and strong demand for its solar panels and projects in the United States and an improving market in Europe.

Net income was $108.4 million, or 73 cents per share, compared with a net loss of $48.5 million, or 41 cents per share, a year ago.

Excluding items, the company earned 44 cents per share. On that basis, analysts had been expecting earnings of 25 cents a share, according to Thomson Reuters I/B/E/S. SunPower in July had forecast income of 15 cents to 35 cents a share.

SunPower is majority owned by France's Total SA.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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