SunPower Corp. (SPWR - Free Report) reported third-quarter 2017 earnings of 21 cents per share. The Zacks Consensus Estimate stood at a loss of 36 cents. In the year-ago period, the company had reported earnings of 88 cents per share.
The results include adjustments related to the sale-leaseback transactions, stock-based compensation, cost of above-market polysilicon, tax effect and other adjustment costs and other non-GAAP adjustments.
On a GAAP basis, the company incurred a loss of 39 cents per share, narrower than the year-ago loss of 67 cents.
Operational Results
During the quarter, SunPower garnered revenues of $533.6 million that surpassed the Zacks Consensus Estimate of $363 million by 47%. However, reported revenues declined 30.7% from the year-ago figure of $770.1 million.
Total operating expenses were down 33.6% to $92.6 million, due to lower research and development, selling, general and administrative expenses and restructuring charges.
Financial Position
SunPower had cash and cash equivalents of $275 million as of Oct 1 compared with $425.3 million as of Jan 1, 2017. Long-term debt increased to $601.1 million from $451.2 million at 2016 end.
In the third quarter, net cash outflow was $26.6 million from operating activities compared with $128.3 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects revenues in the range of $800-$850 million for the fourth quarter. Gross margin is estimated to be in 13-15% band for the quarter.
SunPower now anticipates revenues for 2017 to lie between $2.10 billion and $2.15 billion compared with the prior guidance in $2.1–$2.3 billion band.
The company expects to deploy 420-450 megawatts in the next quarter and 1.37-1.40 gigawatts (GW) in 2017 compared with 1.30-1.45 GW, projected earlier.
Recent Peer Releases
First Solar Inc. (FSLR - Free Report) reported third-quarter 2017 adjusted earnings of $1.95 per share, beating the Zacks Consensus Estimate of 85 cents by a whopping 129.4%. The reported number also improved 60% from the prior-year figure of $1.22.
8point3 Energy Partners LP reported earnings of 27 cents per share in third-quarter fiscal 2017 (ended Aug 31), missing the Zacks Consensus Estimate of 65 cents by 58.5%. The bottom line also declined 40.7% from 38 cents in the year-ago period.
An Upcoming Peer Release
Canadian Solar, Inc. (CSIQ - Free Report) is scheduled to release third-quarter 2017 results on Nov 9.
Zacks Rank
SunPower carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
SunPower Corp. (SPWR - Free Report) reported third-quarter 2017 earnings of 21 cents per share. The Zacks Consensus Estimate stood at a loss of 36 cents. In the year-ago period, the company had reported earnings of 88 cents per share.
The results include adjustments related to the sale-leaseback transactions, stock-based compensation, cost of above-market polysilicon, tax effect and other adjustment costs and other non-GAAP adjustments.
On a GAAP basis, the company incurred a loss of 39 cents per share, narrower than the year-ago loss of 67 cents.
Operational Results
During the quarter, SunPower garnered revenues of $533.6 million that surpassed the Zacks Consensus Estimate of $363 million by 47%. However, reported revenues declined 30.7% from the year-ago figure of $770.1 million.
Total operating expenses were down 33.6% to $92.6 million, due to lower research and development, selling, general and administrative expenses and restructuring charges.
Financial Position
SunPower had cash and cash equivalents of $275 million as of Oct 1 compared with $425.3 million as of Jan 1, 2017. Long-term debt increased to $601.1 million from $451.2 million at 2016 end.
In the third quarter, net cash outflow was $26.6 million from operating activities compared with $128.3 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects revenues in the range of $800-$850 million for the fourth quarter. Gross margin is estimated to be in 13-15% band for the quarter.
SunPower now anticipates revenues for 2017 to lie between $2.10 billion and $2.15 billion compared with the prior guidance in $2.1–$2.3 billion band.
The company expects to deploy 420-450 megawatts in the next quarter and 1.37-1.40 gigawatts (GW) in 2017 compared with 1.30-1.45 GW, projected earlier.
Recent Peer Releases
First Solar Inc. (FSLR - Free Report) reported third-quarter 2017 adjusted earnings of $1.95 per share, beating the Zacks Consensus Estimate of 85 cents by a whopping 129.4%. The reported number also improved 60% from the prior-year figure of $1.22.
8point3 Energy Partners LP reported earnings of 27 cents per share in third-quarter fiscal 2017 (ended Aug 31), missing the Zacks Consensus Estimate of 65 cents by 58.5%. The bottom line also declined 40.7% from 38 cents in the year-ago period.
An Upcoming Peer Release
Canadian Solar, Inc. (CSIQ - Free Report) is scheduled to release third-quarter 2017 results on Nov 9.
Zacks Rank
SunPower carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on FSLR - FREE
Get the latest research report on CSIQ - FREE
Get the latest research report on SPWR - FREE