Shares of solar energy technology provider SunPower (SPWRA) are down 26 cents, or 3%, at $8.50 in late trading after the company this afternoon reported Q3 revenue below analysts’ estimates, forecast the year’s revenue and profit below consensus, and said its chief financial officer will step down as the company enters a broad reorganization effort to shave operating expenses.
Revenue in the three months ending in September rose 28%, year over year, to $705.4 million, yielding EPS, excluding some costs, of 16 cents a share.
Analysts on average were expecting $713 million and six cents per share.
For the year, the company sees revenue in a range of $2.4 billion to $2.45 billion, and profit in a range from a net loss of 5 cents a share to a net profit of 20 cents. Analysts have been modeling $2.79 billion and 73 cents a share.� On a GAAP basis, the company expects to lose $5.65 to $5.90 per share.
CEO Tom Werner said the Q4 view reflects “slower than anticipated demand growth.”
In a separate release, the company said it had commenced a reorganization “to align its businesses and cost structure with expected market conditions in 2012 and beyond.” Chief Financial Officer Dennis Arriola will leave the company in March to “pursue other opportunities,” Werner said, and he thanked Arriola for establishing “high quality standards” and building “a strong set of leaders around him.”
The re-org will reduce operating expenses by 10% in 2012, SunPower said.
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