SunPower reports strong Q3 despite lower revenues, net loss

For any solar project developer that builds utility-scale projects, quarter-to-quarter financial results can be misleading. This is largely due to the uneven pace of completion for large projects and the rules regarding recognition of revenue. This is even more true for a company like SunPower that is transitioning to a model of holding assets instead of selling them, as this decreases quarterly revenues and margins while establishing long-term value for shareholders. This may explain why analysts on Sunpower's Q3 2015 earnings call tended to congratulate the company on a strong quarter, despite a steep year-over-year fall in GAAP revenues to US$380 million, and a net loss of $56 million. Operational results tell a different story. During the quarter Sunpower completed construction on its 135 MW-DC Quinto solar project and closed financing on the 128 MW-DC Henrietta project. Even in future quarters there is unlikely to be a significant boost in revenues from these two, as Quinto is destined for Sunpower ...

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