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SunPower's CEO Discusses Q1 2012 Results - Earnings Call Transcript

To enhance this call, we have also posted a set of PowerPoint slides, which we will reference during this call on the Events and Presentations page of our Investor Relations website. In the same location, we have posted a supplemental data sheet, detailing some of our historical metrics. On Slide 2 of our PowerPoint presentation, you will find our Safe Harbor language.

Our prepared remarks will run approximately 25 minutes and then we will take questions.

With that, I'd like to turn over the call to Tom Werner, CEO of SunPower who will begin on Slide 3. Tom?

Thomas H. Werner

Thanks, Bob, and thank you for joining us today. On today's call, we will review our Q1 operational performance, update you on our Q -- our 2012 strategy, detail our first quarter financials and outlook for the balance of the year. Please turn to Slide 4.

Overall for the quarter, we executed well, leveraging our downstream channels to mitigate the impact of challenging industry conditions. Our North American utility business outperformed and offset the price pressure in the rooftop business. We also executed on our technology roadmap during the quarter as we started volume production of our Gen 3 solar cell technology and met our manufacturing step reduction targets for the quarter.

We also made the strategic decision to consolidate our Philippine fabs to lower our expenses. With a conservative capital structure, flexible balance sheet and the continued support of Total, we are well-positioned to successfully manage the business through this industry transition. Before discussing the details of the quarter, I want to remind everyone, we have resegmented our business into a regional geographic split, which better aligns our business with our local market focus.

Revenue and gross margin for the quarter were better than our plan as our North American utility business outperformed. In North America, our 250-megawatt California Valley Solar Ranch project remains on track, and we are confident that we will meet our September milestones. As of the end of Q1, we had installed more than 35 megawatts at CVSR.

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