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US-Based Solar Firm Sunpower Has Reported Financial Results for First-Quarter 2013

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Core prompt: US-based solar firm SunPower has reported financial results for first-quarter 2013. The firm saw revenues reach US$635.4 million, down from US$678.5 million in the fourth quarter of 2012 but u

US-based solar firm SunPower has reported financial results for first-quarter 2013.

The firm saw revenues reach US$635.4 million, down from US$678.5 million in the fourth quarter of 2012 but up from US$494.1 million in the first quarter of 2012. The firm reported first-quarter gross margin of 9.3%, higher than the gross margin of 6.9% reported in the fourth quarter of 2012 and 9.2% reported for the first quarter of 2012. The firm saw first-quarter 2013 net loss reach US$54.7 million, compared to net loss of US$144.8 million in the fourth quarter of 2012 and the net loss of US$74.5 million in the first quarter of 2012.

The firm recently began construction of the 579MW Antelope Valley Solar Projects (AVSP) with MidAmerican Solar. In addition, the firm installed more than 225MW for the 250MW California Valley Solar Ranch (CVSR) project owned by NRG Energy, said SunPower. The completion of the CVSR project is expected to be at the end of the second quarter, added SunPower.

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