SunPower Corporation Falls on Q1 Results (SPWRA)

Shares of SunPower Corporation SPWRA are trading lower in the after-hours following the release of its Q1 earnings results. Currently, shares are off by 1.36%, trading at $21.09. They closed the regular session higher by 0.09%, at $21.38. SunPower Corporation reported Q1 EPS of $0.15 on revenues of $451.4 million. "We met our margin and bottom line financial goals in the first quarter by adjusting our downstream channels and operating expenses," said Tom Werner, SunPower president and CEO. "Our revenue was lower than plan as a result of changing market conditions in Europe. Operationally, we exceeded our manufacturing cost reduction targets for the quarter and remain on plan to achieve our efficiency adjusted panel cost per watt target of $1.08 in the fourth quarter of this year. Execution on the Fab 3 ramp continues to surpass our internal forecasts as yields and equipment efficiency again reached record levels. SunPower Corporation is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. The company operates through two business segments: components segment and systems segment.