SunPower (NASDAQ:SPWR) announced first-quarter earnings today after markets closed. The solar panel maker reported GAAP revenue of $692 million and earnings of $65 million, or $0.42 per share. The company also reported Non-GAAP revenue of $684 million with earnings of $75.3 million, or $0.49 per share. This scorched estimates as analysts were expecting non-GAAP earnings of just $0.33 per share on $680 million in revenue.
The company said strong demand in its distributed generation channels combined with solid execution led to these strong quarterly results. Revenue in the Americas region was particularly strong sequentially as SunPower delivered $471 million in revenue against $382 million last quarter. The company experienced strength with strong bookings in its commercial power business while its residential business delivered another strong quarter.
Meanwhile, the company saw year-over-year strength in both EMEA (Europe, the Middle East, and Africa) and APAC (Asia Pacific), with revenue from EMEA nearly doubling. Demand was especially strong in Europe, leading SunPower to also benefit from improved pricing. SunPower was also able to expand its footprint in Europe to France. Asia Pacific was also solid as pricing remained strong. In addition to that, demand for distributed generation and power plant solutions in Japan outstripped supply.
Overall, SunPower turned in another strong quarter as it exceeded both its revenue and profit goals. On top of that the company strengthened its balance sheet and announced two new financing deals this quarter. With solar now competitive with traditional generation in many of its markets, SunPower remains well-positioned to keep growing in the future.