SunPower Corp. (SPWR:US), the solar-panel maker majority owned by Total SA, reported a first-quarter loss that exceeded estimates as slowing demand reduced sales.
The loss was $74.5 million, or 67 cents a share, San Jose, California-based SunPower said today in a statement. That was more than the 50-cent average of 10 analysts’ estimates (SPWR:US) compiled by Bloomberg. Sales were $494.1 million, compared with $451.4 million a year earlier.
Global installations of solar panels may fall this year after governments in Europe and the U.S. trimmed subsidies.
“We expect deep European subsidy cuts to weaken demand in the normally strong” second half of the year, Robert Stone, a Cowen and Co. analyst in Boston, said in a research note May 1.
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