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SunPower (SPWR) Q1 Earnings Miss Estimates, Revenues Rise Y/Y

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SunPower Corporation (SPWR - Free Report) reported first-quarter 2022 adjusted earnings of 2 cents per share, which lagged the Zacks Consensus Estimate of 3 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 5 cents per share.

Excluding one-time adjustments, the company reported a GAAP loss of a penny compared with the prior-year quarter’s loss of 28 cents per share.

Operational Results

During the quarter under review, SunPower’s adjusted revenues came in at $336.1 million, while its GAAP revenues were $350.3 million. Revenues surpassed the Zacks Consensus Estimate of $334 million by 0.7%.

Moreover, the adjusted top line improved by 41.3% from the year-ago quarter’s $237.9 million.

Total operating expenses in the quarter increased 75.1% year over year to $82.9 million. Higher SG&A expenses and research and development expenses led to the upside.

SunPower Corporation Price, Consensus and EPS Surprise

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 $142.3 million as of Apr 3, 2022 compared with $127.1 million as of Jan 2, 2022.

The long-term debt was $0.3 million as of Apr 3, 2022 compared with $0.4 million as of Jan 2, 2022.

2022 Outlook

For 2022, SPWR continues to expect adjusted EBITDA in the range of $90-$110 million, while residential customers are projected in the range of 73,000-80,000.

Zacks Rank

SunPower currently has 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 first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.

Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.

First Solar, Inc. (FSLR - Free Report) reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.

First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined by 54.3% from the year-ago quarter’s $803.4 million.

Upcoming Solar Release

ReneSola (SOL - Free Report) : The Zacks Consensus Estimate for ReneSola’s first-quarter earnings is pegged at a loss of 6 cents per share.

The Zacks Consensus Estimate for ReneSola’s first-quarter sales, pegged at $3.9 million, suggests a decline of 82.7% from the prior-year figure. SOL has a four-quarter earnings surprise of 94.17%, on average.