SunPower Profit Jumps; Shares Leap in Late Trading
SunPower reported a big earnings increase, boosting its shares in late trading Thursday.
Fourth-quarter net income for 2010 was $152.3 million, or $1.44 a share, against $8.5 million, or 9 cents a share, a year earlier.
Sales for the quarter came in 71 percent higher year-over-year at $937.1 million.
Citing the company's "strong execution" and strong demand, SunPower CEO Tom Werner said, "we are confident in our ability to deliver on our improved 2011 plan."
SunPower CFO Dennis Arriola affirmed Werner's convictions, saying that the company will enter 2011 "with a strong balance sheet, ample liquidity and a continued focus on improving our cash flow from operations and working capital management."
Founded in 1985, the company makes solar equipment.
SunPower shares jumped in after-hours trading. Click here for real-time after-hours quotes on SunPower.