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SunPower (SPWR) Q4 Earnings Top Estimates, Revenues Miss
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SunPower Corp. (SPWR - Free Report) reported adjusted earnings of 14 cents per share in fourth-quarter 2020, surpassing the Zacks Consensus Estimate of 10 cents by 40%. The bottom line, however, declined 39% year over year from 23 cents.
For 2020, the company reported an adjusted loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 22 cents. The company had incurred a loss of 14 cents per share in the prior year.
Operational Results
For the quarter under review, SunPower’s adjusted revenues came in at $341.8 million, lagging the Zacks Consensus Estimate of $356 million by 4%. Moreover, the top line declined 15.6% from $404.8 million in the year-ago quarter.
The reported figure was below the midpoint of the company’s expectation of $330-$370 million. The year-over-year downside can be primarily attributed to lower revenues from declining solar power systems and components sales and also from lower solar services sales.
For 2020, the company recorded adjusted revenues of $1.12 billion, lagging the Zacks Consensus Estimate of $1.29 billion by 13.2%. However, the top line improved 2.8% from last year’s $1.09 billion.
Total operating income in the quarter was $24 million compared with an operating income of $30.8 million reported in the year-ago quarter.
Total operating expenses amounted to $51.2 million during the fourth quarter compared with operating expenses of $55.3 million in the year-ago quarter.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $232.8 million as of Jan 3, 2021, compared with $302 million as of Dec 29, 2019.
Long-term debt was $56.4 million as of Jan 3, 2021, compared with $112.3 million as of Dec 29, 2019.
In 2020, net cash outflow from operating activities totaled $187.4 million compared with cash outflow of $270.4 million in 2019.
Guidance
For first-quarter 2021, the company expects to generate adjusted revenues of $270-$330 million. The Zacks Consensus Estimate for first-quarter revenues is pegged at $343.5 million, higher than the company’s guided range.
Adjusted EBITDA is estimated to be in the range of $10-$20 million. Additionally, it anticipates deployment of 115-145MW in the same period.
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2020 adjusted earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 87 cents by 12.6%.
Upcoming Solar Releases
Sunrun (RUN - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
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.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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SunPower (SPWR) Q4 Earnings Top Estimates, Revenues Miss
SunPower Corp. (SPWR - Free Report) reported adjusted earnings of 14 cents per share in fourth-quarter 2020, surpassing the Zacks Consensus Estimate of 10 cents by 40%. The bottom line, however, declined 39% year over year from 23 cents.
For 2020, the company reported an adjusted loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 22 cents. The company had incurred a loss of 14 cents per share in the prior year.
Operational Results
For the quarter under review, SunPower’s adjusted revenues came in at $341.8 million, lagging the Zacks Consensus Estimate of $356 million by 4%. Moreover, the top line declined 15.6% from $404.8 million in the year-ago quarter.
The reported figure was below the midpoint of the company’s expectation of $330-$370 million. The year-over-year downside can be primarily attributed to lower revenues from declining solar power systems and components sales and also from lower solar services sales.
For 2020, the company recorded adjusted revenues of $1.12 billion, lagging the Zacks Consensus Estimate of $1.29 billion by 13.2%. However, the top line improved 2.8% from last year’s $1.09 billion.
Total operating income in the quarter was $24 million compared with an operating income of $30.8 million reported in the year-ago quarter.
Total operating expenses amounted to $51.2 million during the fourth quarter compared with operating expenses of $55.3 million in the year-ago quarter.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation Quote
Financial Position
SunPower had cash and cash equivalents of $232.8 million as of Jan 3, 2021, compared with $302 million as of Dec 29, 2019.
Long-term debt was $56.4 million as of Jan 3, 2021, compared with $112.3 million as of Dec 29, 2019.
In 2020, net cash outflow from operating activities totaled $187.4 million compared with cash outflow of $270.4 million in 2019.
Guidance
For first-quarter 2021, the company expects to generate adjusted revenues of $270-$330 million. The Zacks Consensus Estimate for first-quarter revenues is pegged at $343.5 million, higher than the company’s guided range.
Adjusted EBITDA is estimated to be in the range of $10-$20 million. Additionally, it anticipates deployment of 115-145MW in the same period.
Zacks Rank
SunPower 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 (ENPH - Free Report) reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2020 adjusted earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 87 cents by 12.6%.
Upcoming Solar Releases
Sunrun (RUN - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
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.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>