Summary:

Solar bellwether SunPower reported a blockbuster fourth quarter and fiscal year 2010 earnings on Thursday, representing an upswing in both the solar industry and the economy. SunPower said for 2010, it expanded its global utility and power plant pipeline to more than 5 GW.

SunPower T20

Solar bellwether SunPower reported a blockbuster fourth quarter and fiscal year 2010 earnings on Thursday. SunPower, which develops high-efficiency solar panels and solar projects, announced it generated revenue of $2.22 billion for the fiscal year 2010, up sharply from revenues of $1.52 billion for the fiscal year 2009. At the same time, SunPower generated net income of $178.72 million for the fiscal year 2010, up from the net income for 2009 at $32.52 million.

Fourth quarter earnings were even more impressive. For the fourth quarter of 2010, SunPower earned $152.25 million, up dramatically from the $8.54 million of net income generated in the fourth quarter of 2009. Revenues for the fourth quarter 2011 were $937.07 million, up from $547.94 million for fourth quarter 2009. SunPower’s guidance for fiscal year 2011 was up to $2.8 billion – $2.95 billion.

SunPower’s shares were up 1.69 percent to close at $17.43, and were up to $18.51 in after hours trading.

SunPower generates revenue from both developing utility-scale and commercial solar projects and also manufacturing solar panels. SunPower said for 2010, it expanded its global utility and power plant pipeline to more than 5 GW. Costs for its solar panels will equal $1.08 per watt by the fourth quarter of 2011, says SunPower.

SunPower’s 2010 blockbuster earnings represents an upswing in both the solar industry and the economy. A year ago, SunPower reported fourth quarter and 2009 year results that were a triple-whammy of bad news: a drop in 2009 fourth quarter profits, a lower-than-expected earnings guidance for 2010 and a restating of its earnings for 2008 and the first three quarters of 2009. Ouch. It’s good to be back in the sun.

For more research on cleantech financing check out GigaOM Pro (subscription required):

Comments have been disabled for this post