SunPower Corp., a solar cells and panels maker, reported a huge decline in its fourth quarter profit. SunPower said that the company lowered its guidance for the coming quarter and FY 2010.

SunPower, the second biggest U. S. supplier of solar modules, reported net income of $8.7 million or 9 cents per share, decreasing by 70% when comparing to the net income of $28.5 million or 33 cents per share posted in the same period last year.

The profit in the fourth quarter missed the market expectations by far as the analysts were estimating net income of 23 cents per share for the period.

In the fourth quarter, SunPower reported an adjusted income of 47 cents per share excluding the onetime items. Total revenue in the fourth quarter was reported of $547.9 million, increasing by 38% compared to restated revenue $398.1 million posted in the same period last year. Analysts were expecting revenue of $ 490.9 million.

For FY 2010, SunPower expects net income of $1.25 per share to $1.65 per share with revenue of $2.0 billion to $2.25 billion. SunPower's guidance for net income is still much lower than the market expectations of $1.78 per share for FY 2010.