SunPower posts unexpected loss, cuts outlook

By Nichola Groom

LOS ANGELES (Reuters) - U.S. solar company SunPower Corp reported an unexpected quarterly net loss and slashed its outlook for 2009 as a global credit crisis has choked demand for solar panels.

The company's stock was up 1.2 percent in extended trade following the announcement, and one analyst said the reduced forecast was not as bad as many investors had feared.

SunPower's first-quarter net loss was $2.5 million, or 6 cents per share, compared with a net profit of $14.7 million, or 15 cents per share, a year ago.

Excluding one-time items, the company earned 5 cents a share.

Wall Street analysts, on average, had been expecting earnings before one-time items of 23 cents per share, according to Reuters Estimates. Analysts had forecast net income of 2 cents a share.

"It looks much worse than expected," said Canaccord Adams analyst Jed Dorsheimer, who added that the stock reaction would likely be tempered by the negative expectations going into the announcement.

Revenue fell 22 percent to $214 million from $274 million a year ago. Analysts, on average, were expecting revenue of $257.7 million, according to Reuters Estimates.

"The first quarter of 2009 was the most challenging quarter we've seen since SunPower went public in 2005," Chief Executive Tom Werner said in a statement.