Oct. 3 (Bloomberg) -- SunPower Corp., a solar panel company majority-owned by Total SA, will revise its forecast for the year due to “challenging market conditions.”
The company didn’t say how it will adjust its 2011 revenue and income forecast, which it will disclose during its third- quarter earnings call Nov. 3, San Jose, California-based SunPower said today in a statement.
“Challenging market conditions continue to impact our global residential and commercial business,” Chief Financial Officer Dennis Arriola said in the statement. “As a result, we will revise our 2011 revenue and earnings outlook.”
SunPower said in August its 2011 net loss would be 50 cents to $1 a share on sales of $2.8 billion to $2.95 billion. Analysts expect a net loss of 74 cents and sales of $2.83 billion, the average of 27 estimates compiled by Bloomberg.
SunPower also said it closed a $275 million two-year revolving loan and a $200 million letter of credit. The shares have declined 37 percent this year, giving the company a market value of $807 million.
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