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SunPower (SPWR) Q1 Loss Narrower than Expected, Sales Beat
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SunPower Corp. (SPWR - Free Report) reported first-quarter 2017 loss of 42 cents per share, narrower than the Zacks Consensus Estimate of loss of 66 cents. In the year-ago period, the company had posted loss of 42 cents.
Adjustments were related to the sale of projects to 8point3 Energy Partners – a holding company formed in 2015 – along with First Solar, Inc. (FSLR - Free Report) , sale-leaseback transactions, utility and power plant projects, stock-based compensation, amortization of intangible assets, restructuring expenses, cost of above-market polysilicon, tax effect and other adjustment costs.
On a GAAP basis, the company incurred a loss of 97 cents per share, wider than the year-ago GAAP loss of 62 cents.
Operational Results
During the quarter, SunPower garnered revenues of $429.5 million that surpassed the Zacks Consensus Estimate of $391 million by 9.8%. However, reported revenues declined 1% from the year-ago figure of $433.6 million.
Total operating expenses were down 25.2% to $97.7 million, owing to lower research and development and selling, general and administrative expenses in the first quarter.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $387.4 million as of Apr 2, 2017 compared with $425.3 million as of Jan 1, 2017. Long-term debt increased to $501.3 million from $451.2 million at 2016 end.
In the first quarter, net cash outflow was $126.9 million from operating activities compared with outflow of $369.9 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects revenues in the range of $275–$325 billion for the second quarter and $2.1–$2.6 billion for 2017. Gross margin is estimated to be in 2–4% band for the second quarter.
SunPower expects to deploy 330–360 megawatts (“MW”) in the first quarter and 1.3–1.6 gigawatts (“GW”) in 2017.
An Upcoming Peer Release
Canadian Solar, Inc. (CSIQ - Free Report) is scheduled to release first-quarter 2017 results on Jun 6.
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SunPower (SPWR) Q1 Loss Narrower than Expected, Sales Beat
SunPower Corp. (SPWR - Free Report) reported first-quarter 2017 loss of 42 cents per share, narrower than the Zacks Consensus Estimate of loss of 66 cents. In the year-ago period, the company had posted loss of 42 cents.
Adjustments were related to the sale of projects to 8point3 Energy Partners – a holding company formed in 2015 – along with First Solar, Inc. (FSLR - Free Report) , sale-leaseback transactions, utility and power plant projects, stock-based compensation, amortization of intangible assets, restructuring expenses, cost of above-market polysilicon, tax effect and other adjustment costs.
On a GAAP basis, the company incurred a loss of 97 cents per share, wider than the year-ago GAAP loss of 62 cents.
Operational Results
During the quarter, SunPower garnered revenues of $429.5 million that surpassed the Zacks Consensus Estimate of $391 million by 9.8%. However, reported revenues declined 1% from the year-ago figure of $433.6 million.
Total operating expenses were down 25.2% to $97.7 million, owing to lower research and development and selling, general and administrative expenses in the first quarter.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation Price, Consensus and EPS Surprise | SunPower Corporation Quote
Financial Position
SunPower had cash and cash equivalents of $387.4 million as of Apr 2, 2017 compared with $425.3 million as of Jan 1, 2017. Long-term debt increased to $501.3 million from $451.2 million at 2016 end.
In the first quarter, net cash outflow was $126.9 million from operating activities compared with outflow of $369.9 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects revenues in the range of $275–$325 billion for the second quarter and $2.1–$2.6 billion for 2017. Gross margin is estimated to be in 2–4% band for the second quarter.
SunPower expects to deploy 330–360 megawatts (“MW”) in the first quarter and 1.3–1.6 gigawatts (“GW”) in 2017.
An Upcoming Peer Release
Canadian Solar, Inc. (CSIQ - Free Report) is scheduled to release first-quarter 2017 results on Jun 6.
Zacks Rank
Currently, SunPower has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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