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SunPower’s 2009 net income fell 63%

SunPower reported a net income of US$33.17 million for 2009, down 63% on 2008.

Operating income fell almost 60% to US$51.83m, despite a 6% increase in revenue to US$1.52 billion.

SunPower CEO Tom Werner, said: “…as a result of our rapid growth and expanding customer base, we have started to re-align our business into Residential and Commercial (R&C) and Utilities and Power Plants (UPP).”

2010 outlook

For 2010, SunPower expects revenues in the range of US$2-2.25bn.

Dennis Arriola, SunPower CFO, said: “Looking forward, our acquisition of SunRay positions us for more predictable growth in the second half of 2010 and into 2011.

“By expanding into the development business, we expect to expand our grow profits as we monetise these power plants. We will strategically use our balance sheet to accelerate the development of these projects. This strategy will significantly shift the timing of revenue of these projects from the first half of the year to the second half of 2010.”

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