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Shares of SunPower Corporation (SPWR - Free Report) declined 18.9% to $3.47 on Feb 20, following the company’s recent quarterly report release.
The company reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
Including one-time adjustments, the company reported a GAAP loss of 66 cents per share against the prior-year quarter’s earnings of 3 cents.
For 2023, the company reported an adjusted loss of 91 cents per share against earnings of 17 cents generated in 2022.
Revenues
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million.
The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.
For 2023, Sunpower reported adjusted revenues of $1.69 billion, which decreased 3.4% from $1.75 billion reported in the year-ago period.
SunPower Corporation Price, Consensus and EPS Surprise
Total operating expenses in the quarter increased 16.8% year over year to $116.5 million. Higher sales, general & administrative expenses and restructuring charges led to the upside.
The company’s gross profit declined 90.3% to $11 million from $113.8 million in the fourth quarter of 2022.
Its interest expense surged a solid 55% to $9.8 million.
Financial Position
SunPower had cash and cash equivalents of $87.4 million as of Dec 31, 2023, compared with $377 million as of Jan 1, 2023.
The long-term debt totaled $0.2 million as of Dec 31, 2023, compared with $0.3 million as of Jan 1, 2023.
The company’s cash outflow from operating activities totaled $151.7 million during full-year 2023 compared with $180.9 million in the prior year.
2024 Outlook
SunPower introduced its 2024 guidance. For the year, SPWR expects to incur a GAAP loss in the range of $80-$160 million, with an adjusted gross margin of 17-19%.
SPWR expects free cash flow to be positive in the second half of 2024.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
Upcoming Solar Releases
Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its fourth-quarter sales is pegged at $498.7 million, indicating a decline of 18.1% from the year-ago quarter’s figure.
Estimates for its fourth-quarter bottom line are pegged at a loss of 19 cents per share, implying a deterioration from the year-ago quarter’s reported number. The stock has a trailing four-quarter average negative earnings surprise of 189.95%.
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 31% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.20 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.
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SunPower's (SPWR) Q4 Earnings Miss, Revenues Decline Y/Y
Shares of SunPower Corporation (SPWR - Free Report) declined 18.9% to $3.47 on Feb 20, following the company’s recent quarterly report release.
The company reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
Including one-time adjustments, the company reported a GAAP loss of 66 cents per share against the prior-year quarter’s earnings of 3 cents.
For 2023, the company reported an adjusted loss of 91 cents per share against earnings of 17 cents generated in 2022.
Revenues
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million.
The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.
For 2023, Sunpower reported adjusted revenues of $1.69 billion, which decreased 3.4% from $1.75 billion reported in the year-ago period.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation Quote
Operating Results
Total operating expenses in the quarter increased 16.8% year over year to $116.5 million. Higher sales, general & administrative expenses and restructuring charges led to the upside.
The company’s gross profit declined 90.3% to $11 million from $113.8 million in the fourth quarter of 2022.
Its interest expense surged a solid 55% to $9.8 million.
Financial Position
SunPower had cash and cash equivalents of $87.4 million as of Dec 31, 2023, compared with $377 million as of Jan 1, 2023.
The long-term debt totaled $0.2 million as of Dec 31, 2023, compared with $0.3 million as of Jan 1, 2023.
The company’s cash outflow from operating activities totaled $151.7 million during full-year 2023 compared with $180.9 million in the prior year.
2024 Outlook
SunPower introduced its 2024 guidance. For the year, SPWR expects to incur a GAAP loss in the range of $80-$160 million, with an adjusted gross margin of 17-19%.
SPWR expects free cash flow to be positive in the second half of 2024.
Zacks Rank
SunPower currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
Upcoming Solar Releases
Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its fourth-quarter sales is pegged at $498.7 million, indicating a decline of 18.1% from the year-ago quarter’s figure.
Estimates for its fourth-quarter bottom line are pegged at a loss of 19 cents per share, implying a deterioration from the year-ago quarter’s reported number. The stock has a trailing four-quarter average negative earnings surprise of 189.95%.
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 31% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.20 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.