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Sunworks (SUNW) Declines 32% Following Q2 Earnings Miss
Sunworks, Inc.’s share price witnessed a 32.3% fall after the release of its second-quarter 2020 results. The price drop resulted from the company incurring adjusted losses of 9 cents per share in second-quarter 2020, wider than the Zacks Consensus Estimate of a loss of 5 cents. The company incurred a loss of 2 cents in the year-ago quarter.
Revenues
In the second quarter, the company generated revenues of $9.67 million that missed the Zacks Consensus Estimate of $12 million by 19.4%. The top line also plunged 48.2% from the prior-year quarter’s figure.
In the second quarter, revenues were negatively impacted by reduced installation activity in the ACI and residential markets due to challenges caused by COVID-19.
Operational Results
As of Jun 30, 2020, the company has a project backlog of $36.1 million compared to $41.8 million as of Mar 31, 2020.
Gross margin for the second quarter of 2020 was 17.1% compared with 19.5% for the second quarter of 2019.
Further, total operating expenses in the quarter declined 14.3% year over year to $3 million. The company’s operating expenses were at its lowest level since 2015.
The company’s interest expenses reduced to $0.14 million from $0.23 million in the year-ago quarter.
Financial Position
Sunworks had cash and cash equivalents of $7.83 million as of Jun 30, 2020, compared with $3.15 million as of Dec 31, 2019.
As of Jun 30, 2020, the company had long-term liabilities of $3.66 million compared with $4.57 million as of Dec 31, 2019.
Sunworks, Inc. Price, Consensus and EPS Surprise
Sunworks, Inc. price-consensus-eps-surprise-chart | Sunworks, Inc. Quote
Zacks Rank
Sunworks currently carries a Zacks Rank #3 (Hold). 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 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%.
SunPower Corp. (SPWR - Free Report) 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.
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