We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SunPower (SPWR) Q2 Loss Narrower Than Expected, Revenues Beat
Read MoreHide Full Article
SunPower Corp. incurred an adjusted loss of 22 cents per share in second-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 42 cents. The adjusted loss in the quarter was in line with the year-ago quarter’s loss.
Excluding one-time adjustments, the company registered GAAP earnings of 11 cents per share compared with the prior-year quarter’s earnings of 75 cents.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $352.9 million, surpassing the Zacks Consensus Estimate of $315 million by 12%. However, the top line declined 19.1% from the year-ago quarter’s $436.3 million.
The year-over-year decline can be primarily attributed to decreased revenues from SunPower Energy Services and SunPower Technologies.
Total operating losses in the quarter were $37.6 million against an operating income of $66.2 million reported in the year-ago quarter. Total operating expenses amounted to $59.2 million during the second quarter.
Financial Position
SunPower had cash and cash equivalents of $235.3 million as of Jun 28, 2020, compared with $423 million as of Dec 29, 2019.
Long-term debt was $92.7 million as of Jun 28, 2020, compared with $113.8 million as of Dec 29, 2019.
In the first half of 2020, net cash inflow from operating activities totaled $20.7 million against the cash outflow of $81.1million in the first half of 2019.
SunPower Corporation Price, Consensus and EPS Surprise
For third-quarter 2020, the company expects to generate adjusted revenues of $360-$400 million. The Zacks Consensus Estimate for full-year revenues stands at $376.50 million, below the midpoint of the company-projected view.
Adjusted gross margin is estimated to be 0-6%. Additionally, it anticipates deployments of 500-560 MW in the same period.
Zacks Rank
SunPower currently carries a Zacks Rank #4 (Sell).
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2020 adjusted earnings of 17 cents per share, which surpassed the Zacks Consensus Estimate of 14 cents by 21.4%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2020 adjusted earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 40.6%.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
SunPower (SPWR) Q2 Loss Narrower Than Expected, Revenues Beat
SunPower Corp. incurred an adjusted loss of 22 cents per share in second-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 42 cents. The adjusted loss in the quarter was in line with the year-ago quarter’s loss.
Excluding one-time adjustments, the company registered GAAP earnings of 11 cents per share compared with the prior-year quarter’s earnings of 75 cents.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $352.9 million, surpassing the Zacks Consensus Estimate of $315 million by 12%. However, the top line declined 19.1% from the year-ago quarter’s $436.3 million.
The year-over-year decline can be primarily attributed to decreased revenues from SunPower Energy Services and SunPower Technologies.
Total operating losses in the quarter were $37.6 million against an operating income of $66.2 million reported in the year-ago quarter. Total operating expenses amounted to $59.2 million during the second quarter.
Financial Position
SunPower had cash and cash equivalents of $235.3 million as of Jun 28, 2020, compared with $423 million as of Dec 29, 2019.
Long-term debt was $92.7 million as of Jun 28, 2020, compared with $113.8 million as of Dec 29, 2019.
In the first half of 2020, net cash inflow from operating activities totaled $20.7 million against the cash outflow of $81.1million in the first half of 2019.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation Quote
Q3 Guidance
For third-quarter 2020, the company expects to generate adjusted revenues of $360-$400 million. The Zacks Consensus Estimate for full-year revenues stands at $376.50 million, below the midpoint of the company-projected view.
Adjusted gross margin is estimated to be 0-6%. Additionally, it anticipates deployments of 500-560 MW in the same period.
Zacks Rank
SunPower currently carries a Zacks Rank #4 (Sell).
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2020 adjusted earnings of 17 cents per share, which surpassed the Zacks Consensus Estimate of 14 cents by 21.4%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2020 adjusted earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 40.6%.
An Upcoming Solar Release
ReneSola (SOL - Free Report) carries a Zacks Rank #3 (Hold) and is expected to post second-quarter 2020 results soon. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>