SunPower Corporation (SPWR - Free Report) reported a second-quarter 2023 adjusted loss of 13 cents per share compared to earnings of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
Including one-time adjustments, the company reported a GAAP loss of 17 cents per share compared with the prior-year quarter’s loss of 24 cents.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $461.3 million, while its GAAP revenues were $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved by 8.5% from the year-ago quarter’s $425 million.
Total operating expenses in the quarter decreased 10.2% year over year to $89.3 million. Lower SG&A expenses, and research and development expenses led to the downside.
Financial Position
SunPower had cash and cash equivalents of $114.1 million as of Jul 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $305.7 million as of Jul 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower updated 2023 guidance. For 2023, SPWR now expects adjusted EBITDA in the range of $55-$75 million, down from the previous guidance range of $125-$155 million. Meanwhile, residential customers are now projected in the range of 70,000-90,000, down from the previously announced expectation in the band of 90,000-110,000.
Zacks Rank
SunPower currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.
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SunPower Corporation (SPWR - Free Report) reported a second-quarter 2023 adjusted loss of 13 cents per share compared to earnings of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
Including one-time adjustments, the company reported a GAAP loss of 17 cents per share compared with the prior-year quarter’s loss of 24 cents.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $461.3 million, while its GAAP revenues were $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved by 8.5% from the year-ago quarter’s $425 million.
Total operating expenses in the quarter decreased 10.2% year over year to $89.3 million. Lower SG&A expenses, and research and development expenses led to the downside.
Financial Position
SunPower had cash and cash equivalents of $114.1 million as of Jul 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $305.7 million as of Jul 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower updated 2023 guidance. For 2023, SPWR now expects adjusted EBITDA in the range of $55-$75 million, down from the previous guidance range of $125-$155 million. Meanwhile, residential customers are now projected in the range of 70,000-90,000, down from the previously announced expectation in the band of 90,000-110,000.
Zacks Rank
SunPower currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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