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SunPower (SPWR) Q4 Earnings Miss Estimates, Revenues Rise Y/Y
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SunPower Corporation (SPWR - Free Report) reported fourth-quarter 2021 adjusted loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 14 cents.
Excluding one-time adjustments, the company reported GAAP earnings of 11 cents per share compared with the prior-year quarter’s earnings of $2.08.
For 2021, the company posted adjusted earnings of 7 cents per share, which missed the Zacks Consensus Estimate of earnings of 21 cents by 66.7%. The bottom line marked an improvement from the year-ago loss of 2 cents.
SunPower Corporation Price, Consensus and EPS Surprise
During the quarter under review, SunPower’s adjusted revenues came in at $384.2 million, while its GAAP revenues were $384.5 million.
Revenues surpassed the Zacks Consensus Estimate of $381 million.
Moreover, the adjusted top line improved 13.8% from the year-ago quarter’s $337.5 million.
In 2021, the company generated adjusted revenues worth $1.31 billion, up 19% from the prior year’s top line. The top line missed the Zacks Consensus Estimate of $1.32 billion.
Total operating expenses in the quarter increased 6% year over year to $82.1 million. Higher sales, general and administrative as well as research and development expenses led to the upside.
Financial Position
SunPower had cash and cash equivalents of $127.1 million as of Jan 2, 2022, compared with $232.8 million as of Jan 3, 2021.
Long-term debt was $0.4 million as of Jan 2, 2022, compared with $56.4 million as of Jan 3, 2021.
2022 Outlook
For 2022, the company expects to generate GAAP net income in the range of $85-$105 million, while residential customers are projected in the range of 73,000-80,000.
Zacks Rank
SunPower currently has a Zacks Rank #5 (Strong Sell).
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Its fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. The top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2021 adjusted earnings of $1.10 per share, down from $1.45 in the year-ago quarter. The company reported revenues worth $551.9 million, up 5% from fourth-quarter 2020.
Its adjusted operating income came in at $72.9 million, up 68% from the same quarter last year. The company expects to generate revenues in the range of $615-$645 million during 2022.
Upcoming Release
Sunnova Energy International (NOVA - Free Report) is slated to release fourth-quarter results on Feb 23. It has a four-quarter average negative earnings surprise of 2.24%.
The Zacks Consensus Estimate for Sunnova’s fourth-quarter top and bottom line is pegged at $64.7 million and a loss of 37 cents per share, respectively.
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SunPower (SPWR) Q4 Earnings Miss Estimates, Revenues Rise Y/Y
SunPower Corporation (SPWR - Free Report) reported fourth-quarter 2021 adjusted loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 14 cents.
Excluding one-time adjustments, the company reported GAAP earnings of 11 cents per share compared with the prior-year quarter’s earnings of $2.08.
For 2021, the company posted adjusted earnings of 7 cents per share, which missed the Zacks Consensus Estimate of earnings of 21 cents by 66.7%. The bottom line marked an improvement from the year-ago loss of 2 cents.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation Quote
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $384.2 million, while its GAAP revenues were $384.5 million.
Revenues surpassed the Zacks Consensus Estimate of $381 million.
Moreover, the adjusted top line improved 13.8% from the year-ago quarter’s $337.5 million.
In 2021, the company generated adjusted revenues worth $1.31 billion, up 19% from the prior year’s top line. The top line missed the Zacks Consensus Estimate of $1.32 billion.
Total operating expenses in the quarter increased 6% year over year to $82.1 million. Higher sales, general and administrative as well as research and development expenses led to the upside.
Financial Position
SunPower had cash and cash equivalents of $127.1 million as of Jan 2, 2022, compared with $232.8 million as of Jan 3, 2021.
Long-term debt was $0.4 million as of Jan 2, 2022, compared with $56.4 million as of Jan 3, 2021.
2022 Outlook
For 2022, the company expects to generate GAAP net income in the range of $85-$105 million, while residential customers are projected in the range of 73,000-80,000.
Zacks Rank
SunPower currently has a Zacks Rank #5 (Strong Sell).
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 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Its fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. The top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2021 adjusted earnings of $1.10 per share, down from $1.45 in the year-ago quarter. The company reported revenues worth $551.9 million, up 5% from fourth-quarter 2020.
Its adjusted operating income came in at $72.9 million, up 68% from the same quarter last year. The company expects to generate revenues in the range of $615-$645 million during 2022.
Upcoming Release
Sunnova Energy International (NOVA - Free Report) is slated to release fourth-quarter results on Feb 23. It has a four-quarter average negative earnings surprise of 2.24%.
The Zacks Consensus Estimate for Sunnova’s fourth-quarter top and bottom line is pegged at $64.7 million and a loss of 37 cents per share, respectively.