SunPower swings to $108.4m profit

Solar manufacturer SunPower reported a $108.4m profit, or 73 cents a share, in the third quarter on surging demand in North America and Japan, and improving sales in Europe.

The company posted a $48.5m loss, or 41 cents, a year earlier and a $19.6m profit in the second quarter. Gross margins more than doubled to 29.4% from 12.4%. Output rose to 313MW to 227MW.

Third quarter sales were $657.1m, up from $648.9m a year earlier and $576.5m in the second quarter.

“Looking forward, we are well positioned for long-term profitability to continue to monetize our global project pipeline, expand our footprint in the distributed generation market and strategically manage our cash," chief financial officer Chuck Boynton says.

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