SunPower Corporation’s (SPWR - Free Report) share price increased 2.5% since its third-quarter earnings release. The company reported third-quarter 2022 adjusted earnings of 13 cents per share.
The bottom line marked an improvement from the year-ago quarter’s earnings of 12 cents per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at 5 cents per share.
Including one-time adjustments, the company reported GAAP earnings of 74 cents per share against the prior-year quarter’s loss of 49 cents per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $469.8 million, while its GAAP revenues were $475.7 million. Revenues surpassed the Zacks Consensus Estimate of $429 million by 9.4%.
Moreover, the adjusted top line improved by 66.8% from the year-ago quarter’s $281.6 million.
Total operating expenses in the quarter increased 103.8% year over year to $92.9 million. Higher SG&A expenses and research and development expenses led to the upside.
Financial Position
SunPower had cash and cash equivalents of $396.5 million as of Oct 2, 2022 compared with $123.7 million as of Jan 3, 2021.
The long-term debt was $72.6 million as of Oct 2, 2022 compared with $0.4 million as of Jan 3, 2021.
2022 Outlook
For 2022, SPWR continues to expect adjusted EBITDA in the range of $90-$110 million. Meanwhile, residential customers are projected in the range of 73,000-80,000.
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 Releases
SolarEdge Technologies, Inc. (SEDG - Free Report) reported third-quarter adjusted earnings of 91 cents per share. The bottom line declined by 37.2% from the prior-year quarter’s earnings of $1.45 per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at $1.17 per share.
SolarEdge’s revenues of $836.7 million in the third quarter surpassed the Zacks Consensus Estimate of $826 million by 1.3%. The top line surged 59% from the year-ago quarter’s $526.4 million.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.
First Solar, Inc. (FSLR - Free Report) reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.
First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved by 1.3% from the year-ago quarter’s $620.9 million, primarily due to increased module sales.
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SunPower Corporation’s (SPWR - Free Report) share price increased 2.5% since its third-quarter earnings release. The company reported third-quarter 2022 adjusted earnings of 13 cents per share.
The bottom line marked an improvement from the year-ago quarter’s earnings of 12 cents per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at 5 cents per share.
Including one-time adjustments, the company reported GAAP earnings of 74 cents per share against the prior-year quarter’s loss of 49 cents per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $469.8 million, while its GAAP revenues were $475.7 million. Revenues surpassed the Zacks Consensus Estimate of $429 million by 9.4%.
Moreover, the adjusted top line improved by 66.8% from the year-ago quarter’s $281.6 million.
Total operating expenses in the quarter increased 103.8% year over year to $92.9 million. Higher SG&A expenses and research and development expenses led to the upside.
Financial Position
SunPower had cash and cash equivalents of $396.5 million as of Oct 2, 2022 compared with $123.7 million as of Jan 3, 2021.
The long-term debt was $72.6 million as of Oct 2, 2022 compared with $0.4 million as of Jan 3, 2021.
2022 Outlook
For 2022, SPWR continues to expect adjusted EBITDA in the range of $90-$110 million. Meanwhile, residential customers are projected in the range of 73,000-80,000.
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 Releases
SolarEdge Technologies, Inc. (SEDG - Free Report) reported third-quarter adjusted earnings of 91 cents per share. The bottom line declined by 37.2% from the prior-year quarter’s earnings of $1.45 per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at $1.17 per share.
SolarEdge’s revenues of $836.7 million in the third quarter surpassed the Zacks Consensus Estimate of $826 million by 1.3%. The top line surged 59% from the year-ago quarter’s $526.4 million.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.
First Solar, Inc. (FSLR - Free Report) reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.
First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved by 1.3% from the year-ago quarter’s $620.9 million, primarily due to increased module sales.
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Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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