designs, manufactures and sells solar electric power technologies.
For fourth quarter of 2010, the company's revenue increased to $937 million from $547.9 million in the same quarter of 2009. Gross margin improved to 25.4% from 20.3% in the same quarter last year. Net income rose to $152 million from $8.5 million in the same quarter in 2009.
Actual sales recorded for the fourth quarter were consistent with analysts' estimates, whereas actual earnings per share were 55% higher.
On the company's outstanding performance, Tom Werner, SunPower CEO, said in a press statement, "Operationally, we successfully integrated our acquisition of SunRay Renewable Ventures which significantly contributed to recognizing revenue on more than 100 MW of power plants in Europe in 2010. We also increased our global dealer network to 1,500 partners and are on our way to 2,000 partners this year. Due to the success of our accelerated cost reduction roadmap, we are on plan to achieve our efficiency-adjusted panel cost goal of $1.08 per watt in the fourth quarter of 2011."
The stock has 36% buy ratings and is expected to deliver 24% over the next one year. The stock is trading at 9.1 times its estimated 2011 earnings.