SunPower Corp. revealed its financial results for its 2013 fourth quarter and fiscal year ended Dec. 29, 2013 as follows:
|
($ Millions, except per-share data) |
4thQuarter 2013 |
3rdQuarter 2013 |
4thQuarter 2012 |
2013 |
2012 |
|
GAAP revenue(1) |
$638.1 |
$657.1 |
$678.5 |
$2,507.2 |
$2,417.5 |
|
GAAP gross margin |
20.5% |
29.4% |
6.9% |
19.6% |
10.2% |
|
GAAP net income (loss)(2) |
$22.3 |
$108.4 |
($144.8) |
$95.6 |
($352.0) |
|
GAAP net income (loss) per diluted share(2) |
$0.15 |
$0.73 |
($1.22) |
$0.70 |
($3.01) |
|
Non-GAAP gross margin(3) |
20.4% |
19.1% |
18.7% |
20.4% |
15.4% |
|
Non-GAAP net income per diluted share(3) |
$0.47 |
$0.44 |
$0.18 |
$1.68 |
$0.18 |
|
Megawatts produced |
317 |
313 |
153 |
1,134 |
936 |
Source: SunPower
(1) GAAP revenue includes (excludes) ($120.1) million, $37.7 million and ($106.1) million for the fourth quarter of fiscal 2013, third quarter of fiscal 2013, and the fourth quarter of fiscal 2012, respectively, in revenue primarily related to utility and power plant projects. Similarly, GAAP revenue for fiscal 2013 and 2012 excludes $95.1 million and $204.6 million, respectively, in revenue primarily related to utility and power plant projects. See details in the non-GAAP measures disclosure included in this press release.
(2) GAAP results include net, pre-tax adjustments excluded from non-GAAP results which increase (decrease) net income (loss) by ($48.0) million, $53.1 million and ($179.3) million for the fourth quarter of fiscal 2013, third quarter of fiscal 2013, and the fourth quarter of fiscal 2012, respectively. Similarly, GAAP results include net, pre-tax adjustments excluded from non-GAAP results which decrease net income (loss) for fiscal 2013 and 2012 by $124.9 million and $371.3 million, respectively. See details in the non-GAAP measures disclosure included in this press release.
(3) A reconciliation of GAAP to non-GAAP results is included at the end of this press release.