SunPower Corporation, together with its subsidiaries, designs, manufactures, and markets solar electric power technologies. The company operates in two segments, Components and Systems. The Components segment manufactures and sells solar power products, including solar panels and inverters, which convert sunlight to electricity compatible with the utility network. This segment sells solar components for use in residential and commercial applications to installers and resellers, including its third-party global dealer network. Its products are also used in multi-MWac solar power plant applications. The Systems segment sells solar power systems directly to system owners and developers. Its services include development, engineering, procurement, permitting, construction, financing options, monitoring, and maintenance. This segment principally offers PowerGuard roof system, a roof-mounted solar panel mounting system; SunPower T-10 commercial solar roof tiles, which are pre-engineered solar panels; SunPower T-5 solar roof tile system that combines solar panel, frame, and mounting system into a single pre-engineered unit; SunTile roof integrated system for residential market; ground mounted SunPower Tracker systems; and fixed tilt and SunPower Tracker systems for parking structures. Its customers include commercial and governmental entities, investors, electric utilities, independent power producers, production home builders, and homeowners worldwide.
On March 29, 2010: SunPower Corporation has completed its acquisition of SunRay Renewable Energy, a European solar power plant developer with offices in Europe and the Middle East. As a result, SunPower has expanded its project pipeline to include more than 1,200 megawatts (MW) of solar photovoltaic (PV) projects in various stages of development in Italy, France, Israel, Spain, the United Kingdom and Greece.
SunPower reported revenue for the fourth quarter of 2009 increased to $548 million compared to revenue of $465 million for the third quarter of 2009 and compared to $398 million for the same period of previous financial year. Income for the operating activities stood at $42.7 million during the fourth quarter of 2009 against the $46.2 million for the third quarter of 2009 and compared to $455.2 million for the same period of previous financial year. Net income for the fourth quarter of 2009 stood at $8.7 million or $0.09 per diluted share against the $19.6 million or $0.187 per share for the third quarter of 2009 and compared to $33.5 million or $0.393 per diluted share for the same period of previous financial year.
Cash and cash equivalents for the fourth quarter of 2009 increased to $615.9 million against the $472 .1 million for the third quarter of 2009 and compared to $202.3 million for the same period of previous financial year.