NEW YORK (TheStreet) -- Shares of SunPower Corp. (SPWR) - Get SunPower Corporation Report are down 2.81% to $29.97 after reporting 2014 third quarter non-GAAP net income of $46.4 million, or 30 cents per share, compared to $58.8 million, or 44 cents per share, for the same period a year ago.
Non-GAAP revenue rose to $704.2 million from $619.5 million for the same period a year ago. However, uneven revenue recognition also weighed on the company's third-quarter results.
Additionally, the company forecasts lower than expected current quarter revenue as it continues to be hurt by uneven revenue recognition, according to Reuters.
SunPower forecasts non-GAAP revenue to rise to $625 million from $575 million for the fourth quarter ending in December, below the average analyst estimate of $653.6 million, according to Reuters.
Separately, TheStreet Ratings team rates SUNPOWER CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNPOWER CORP (SPWR) a HOLD. The primary factors that have impacted our rating are mixed--some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and weak operating cash flow."
You can view the full analysis from the report here: SPWR Ratings Report