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) Q1 Earnings Surpass Estimates, Revenues Up Y/Y
Read MoreHide Full Article
SunPower Corp. (SPWR - Free Report) reported first-quarter 2021 adjusted earnings of 5 cents per share, which surpassed the Zacks Consensus Estimate of break-even. The company had incurred a loss of 10 cents per share a year ago.
Excluding one-time adjustments, the company incurred a GAAP loss of 28 cents per share, wider than the prior-year quarter’s loss of a penny.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $306.4 million, surpassing the Zacks Consensus Estimate of $305 million by a mere 0.1%. Moreover, the top line improved 5.5% from the year-ago quarter’s $290.5 million. The year-over-year upside in revenues can be primarily attributed to higher sales of solar power systems, components and solar services.
Furthermore, total operating expenses in the quarter increased 6.8% year over year to $53.2 million. Notably, higher sales, general and administrative expenses and restructuring charges led to the increase.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $213.1 million as of Apr 4, 2021, compared with $232.8 million as of Jan 3, 2021.
Long-term debt was $86.4 million as of Apr 4, 2021, compared with $56.4 million as of Jan 3, 2021.
In the first quarter, net cash outflow from operating activities totaled $40.4 million compared with the year-ago quarter’s $179.5 million.
Q2 Outlook
For second-quarter 2021, the company expects to generate adjusted revenues of $295-$345 million. The Zacks Consensus Estimate for the same is pegged at $340.3 million, which lies near the higher end of the company’s guided range.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter 2021 adjusted earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.01 by 3%.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
SunPower (SPWR) Q1 Earnings Surpass Estimates, Revenues Up Y/Y
SunPower Corp. (SPWR - Free Report) reported first-quarter 2021 adjusted earnings of 5 cents per share, which surpassed the Zacks Consensus Estimate of break-even. The company had incurred a loss of 10 cents per share a year ago.
Excluding one-time adjustments, the company incurred a GAAP loss of 28 cents per share, wider than the prior-year quarter’s loss of a penny.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $306.4 million, surpassing the Zacks Consensus Estimate of $305 million by a mere 0.1%. Moreover, the top line improved 5.5% from the year-ago quarter’s $290.5 million. The year-over-year upside in revenues can be primarily attributed to higher sales of solar power systems, components and solar services.
Furthermore, total operating expenses in the quarter increased 6.8% year over year to $53.2 million. Notably, higher sales, general and administrative expenses and restructuring charges led to the increase.
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 $213.1 million as of Apr 4, 2021, compared with $232.8 million as of Jan 3, 2021.
Long-term debt was $86.4 million as of Apr 4, 2021, compared with $56.4 million as of Jan 3, 2021.
In the first quarter, net cash outflow from operating activities totaled $40.4 million compared with the year-ago quarter’s $179.5 million.
Q2 Outlook
For second-quarter 2021, the company expects to generate adjusted revenues of $295-$345 million. The Zacks Consensus Estimate for the same is pegged at $340.3 million, which lies near the higher end of the company’s guided range.
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, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter 2021 adjusted earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.01 by 3%.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>