SunPower and First Solar, Inc. (NASDAQ:FSLR) Had a Stellar Quarter despite Price Cuts of Solar Panels

It has been a good quarter for U.S. solar companies First Solar, Inc.(NASDAQ:FSLR) and SunPower Corporation(NASDAQ:SPWR) because of cost reductions and a host of lucrative projects that helped combat the effect of weak prices due to widespread over-availability of solar panels.

First Solar cut its full-year revenue outlook because of supply constraints from Hurricane Sandy and cut down its operating cash flow view for restructuring costs and weather-related project delays. The company reduced its operating cash flow view for 2012 to between $650 million and $850 million. Its previous view was $850 million to $950 million.

SunPower did well in terms of profits, with a 36% rise in Q3 due to its residential solar lease program being extended and big-scale utility projects.

Unlike Chinese solar companies, SunPower and First Solar develop solar power plants that are powered by their panels. Baird solar analyst Ben Kallo states that this quarter will be bad for all other solar companies except First Solar and SunPower because of their steady and large downstream channel for their manufactured products.

s per analyst at Ben Kallo, First Solar’s total revenue is expected to be around $8.9 billion in 2012, from $9.4 billion at the end of last year, which means business is not slowing down at an alarming rate as Kallo had feared. The company’s cadmium telluride panels came at the lowest cost in the solar industry, where silicon-based panels rule the roost. But the problem came up when the prices on traditional silicon panels plummeted sharply. Shares went down almost 90%.

The global abundance of solar panels happened due to increased production from Chinese panel makers, which affected prices enormously. There were numerous European and U.S. solar companies that had to shut shop even as others had to file for bankruptcy. SunPower is coping with the aid of downsizing 15% of its personnel which mean 900 jobs. 

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Top Losers: First Solar, Inc. (NASDAQ:FSLR), A123 Systems, Inc. (NASDAQ:AONE)

The biggest maker of solar panels in the U.S., First Solar, Inc.(NASDAQ:FSLR), has reported a drastic fall in its net income due to restructuring charges and a dip in revenue due to the sharp fall in prices.  The company has also lowered its outlook for the full year.

The net income was $87.9 million or a dollar a share, significantly lower than the $196.5 million or $2.25 a share earned last year in the same period.  Earnings excluding items like restructuring charges are $1.27 a share, topping analysts’ estimates of $1.04.  Revenue fell 17 percent to $839.1 million, compared to last year’s $1.01 billion.

For the full year, the company has revised its forecast because of some supply problems caused by the weather.  It now sees revenue between $3.5 billion and $3.8 billion higher than its earlier forecast range of $3.6 billion to $3.9 billion.  It expects earnings to be in the range of $4.40 and $4.70 a share; the prior estimate was between $4.20 and $4.70.

First Solar shares slumped 8.50 percent and were trading at $22.61.

US senators want Chinese bid for A123 reviewed

Two republican senators have asked U.S. Treasury Secretary Timothy Geithner to thoroughly review a Chinese company’s attempts to take over A123 Systems, Inc.(NASDAQ:AONE), the bankrupt battery manufacturer, citing protection of military technology funded by taxpayers.

China's Wanxiang Group is fighting it out with U.S. based Johnson Controls to acquire A123. Senators John Thune and Chuck Grassley want the Committee on Foreign Investment in the United States (CFIUS) to review the transaction to make sure that U.S. military and taxpayer interests are protected. A123 had earlier received a $249 million federal grant.

The senators fear that the Chinese company could access military contracts and grid storage technologies. "A123 has received millions of taxpayer dollars to develop technology and intellectual property that should not simply be shipped to China," said Thune in a statement.

Shares of AONE slumped 6% to $0.126.

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News Recap: First Solar, Inc. (NASDAQ:FSLR), The Coca-Cola Company (NYSE:KO)

First Solar setting up solar plant in Indonesia

First Solar, Inc.(NASDAQ:FSLR) and PT. Pembangkitan Jawa Bali Services of Indonesia have said that they plan to work together to build a solar power plant to meet the growing energy demands of the country. While financial aspects of the deal were not revealed, what is clear is that it will be a 100 megawatt utility scale plant.

First Solar believes that Indonesia urgently needs cost effective and reliable energy resources and solar power fits the bill perfectly.

Has FSLR Found The Bottom and Ready To Move Up? Find Out Here

For PJB Services, this is the first utility scale photovoltaic power plant. The company has been operating and maintaining only conventional power plants until now. The parent company is PJB, a subsidiary of Perusahaan Listrik Negara.

First Solar shares were up more than 8 percent or $1.84 and closed at $24.09 on Tuesday and now jumped another 5.60% to $25.38.

Coca Cola will launch ‘beauty drinks’ in France

The Coca-Cola Company(NYSE:KO) and Sanofi will together launch a line of ‘beauty drinks’ in France. These will be part of the Oenobiol Beautific brand. Sanofi, a Paris based drug manufacture bought Laboratoire Oenobiol, a company that makes nutritional supplements for skin and hair in 2009.

Coke’s business unit in France said that they would sell these drinks on a small scale pilot to a number of pharmacies. The world’s largest beverage maker however declined to make any comments on the new drink.

Health aspects are very much in the fore these days and people are concerned about consuming sugary drinks. Coca Cola is therefore trying to diversify. Earlier this year, the company had launched Sprite with stevia, a natural sweetener with low calories. A couple of years ago, it had also launched Fanta with stevia.

Coca Cola is struggling to improve its sales volumes in Europe. It has managed to grow only 1 percent in the third quarter.

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Solar Panel Makers Reacting Positively On Trade Ruling – FSLR, CSIQ, LDK, STP, JKS, TSL, YGE

Shares of solar panel makers have reacted on Thursday after Obama administration endorsed tariffs on Chinese solar panels.

The US government stated that China has subsidized firms that are flooding with the US with low-cost panels. In reply to the tariffs imposed by the US government ranges from 18% to about 250%.

Both China and the US based solar companies have gained in the afternoon trading. US firms have applauded the upheld tariffs. Some Chinese firms have made profits as the tariffs are lower than opening tariffs forced in May.

First Solar, Inc.(NASDAQ:FSLR) shares, based in the US, rose 71 cents to $21.74. Another big gainer is Canadian Solar Inc.(NASDAQ:CSIQ) that has its operations in both China and the US. Its stocks have increased 9 cents to $2.72.

Canadian Solar has issued a statement mentioning that it was disappointed with the final determination of the Commerce Department. It stated that it will stay committed to the US solar energy market, influencing its international supply chain to provide fairly priced solar energy solutions.

American depositary shares of Trina Solar based in China increased 9 cents to $4.24. The firm had initially stated that solar cells or other parts affected by the responsibilities could be replaced with parts from other nations.

American depository stocks of LDK Solar Co., Ltd (ADR)(NYSE:LDK) Ltd. based in China dropped 3 cents to $1.01. Shares of Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP), another company based in China, fell 4.16 cents to 853 cents.

The Chinese government had no prompt response on Thursday to the Commerce Department’s action. The Chinese state-run news agency, Xinhua has released an analysis contending that the US was putting itself into predicament by refusing solar panel buyers the amenities of huge economies of scale of China.

To the disappointment and anger of Chinese regulators, a number of solar panel makers in China have followed the general pattern of using prolific loans from state-owned banks to purchase and install foreign factory equipment.

Other notable gainers, Yingli Green Energy Hold. Co. Ltd. (ADR)(NYSE:YGE) soared 5%, JinkoSolar Holding Co., Ltd.(NYSE:JKS) added 12% and Trina Solar Limited (ADR)(NYSE:TSL) climbed 1.20%.

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