Sunpower Posts Steep Drop In 3Q Profit

SAN JOSE, Calif. (AP) — Sunpower Corp., a manufacturer of solar power products, on Thursday reported a 48 percent drop in its fiscal third-quarter profit and reined in its forecast for full-year earnings.

Its adjusted third-quarter earnings were better than Wall Street expected but the company's shares tumbled in after-market trading following the release of the results and the more conservative outlook.

Sunpower reported net income of $12.8 million, or 13 cents per share, for the third quarter, down from $24.7 million, or 29 cents per share, a year ago.

After adjusting to exclude non-cash charges for amortization of intangible assets, stock-based compensation and a non-cash interest expense, income was $52.1 million, or 42 cents per share.

Analysts surveyed by Thomson Reuters expected, on average, earnings of 40 cents per share. Analysts typically exclude one-time charges from their estimates.

Revenue for the quarter ended Sept. 27 was $466.3 million, up 24 percent from $377.5 million in the same period last year.