SunPower's Werner 'confident' despite Q1 loss of $74.5m

US solar manufacturer and project developer SunPower saw its net loss balloon in the first quarter as it consolidated operations in the Philippines to cut costs.

The company produced 297MW and had sales of $494.1m, up 9.5% from the year-earlier period, not including $86.2m of revenue from utility power plant construction. But gross margin of 9.2% was down from 19.6% and SunPower recorded a net loss of $74.5m, against a loss of $2.1m in the first quarter of 2011.

SunPower lost $0.67 per share in the first quarter, compared to $0.02 a year ago and $0.94 in the fourth quarter of 2011. The first quarter result includes several pre-tax items totaling $54m, without which the quarter's…

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