SunPower Corporation Earnings

SunPower is down -16% with the troubled news for today:

SunPower Corp (SPWRA.O) is investigating millions of dollars in accounting mistakes over the past three quarters, the U.S. solar module maker said on Monday...

The Silicon Valley-based company said its audit committee had started an investigation after an internal review of its Philippine manufacturing operations found that there may have been unsubstantiated accounting entries.

SunPower Corporation Announces FY 2009 Guidance To No Longer Be Relied Upon; Reaffirms Q4 2009 Guidance
Monday, 16 Nov 2009 04:47pm EST
SunPower Corporation announced that, based upon an internal review of its Philippine manufacturing operations and due to unsubstantiated accounting entries, the guidance provided by the Company for fiscal 2009, should no longer be relied upon. Operationally, the Company's outlook for the fourth quarter of 2009 remains consistent with its previous expectations for sales and operating income, subject to any costs, charges, and tax-related impacts relating to the ongoing investigation. According to Reuters Estimates, analysts on an average were expecting the Company to report EBIT of $65 million on revenue of $491 million for the fourth quarter of 2009

Reuters News on SPWRA

Labels: Earnings, Solar Stocks, SPWRA, SunPower Corp

posted by Ertai at 9:59 AM