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SunPower posts bigger quarterly loss
February 15, 2017 / 9:22 PM / 10 months ago

SunPower posts bigger quarterly loss

Feb 15 (Reuters) - SunPower Corp’s quarterly loss widened, as the No. 2 U.S. solar panel maker took a bigger restructuring charge.

The company’s net loss attributable to shareholders widened to $275.1 million, or $1.99 per share, in the fourth quarter ended Jan. 1, from $40.5 million, or 29 cents per share, a year earlier.

SunPower said it recorded a $175.8 million charge related to restructuring expenses in the latest quarter, compared with $31.2 million a year earlier.

The company, majority owned by French energy giant Total SA , said revenue jumped 40.5 percent to $1.02 billion.

SunPower said in December it would lay off 25 percent of its workforce and close a plant as it cuts costs to counter the slump in prices. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)

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