SunPower profit beats on higher demand for solar panels
(Compares with estimates, adds detail, share movement)
Feb 14 (Reuters) - SunPower Corp reported on Wednesday quarterly profit that beat analysts' estimates, helped by higher demand for its solar modules.
Demand for solar modules remained strong due to the U.S. government's policy of allowing taxpayers to get tax credits through solar panel installations.
On an adjusted basis, the company earned 25 cents per share in the fourth quarter ended Dec. 31, beating analysts' estimate of 11 cents, according to Thomson Reuters I/B/E/S.
San Jose, California-based SunPower, which manufacturers its solar modules mainly in the Philippines, Malaysia and Mexico, is seeking an exemption from the import tariffs President Donald Trump imposed on imported solar panels in January.
The company's net loss attributable to shareholders widened to $568.68 million, or $4.07 per share, from $275.12 million, or $1.99 per share, a year earlier.
SunPower, majority owned by French energy giant Total SA , said revenue fell 35.8 percent to $658.1 million.
SunPower's shares were up about 1.4 percent in after-market trading. (Reporting by Taenaz Shakir in Bengaluru; Editing by Sriraj Kalluvila)
