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SunPower Corporation’s (SPWR - Free Report) share price increased 4.9% since its earnings release on Aug 2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
The Zacks Consensus Estimate for second-quarter earnings was a penny.
Excluding one-time adjustments, the company reported a GAAP loss of 24 cents per share against the prior-year quarter’s earnings of 46 cents per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $414.1 million, while its GAAP revenues were $417.8 million. Revenues surpassed the Zacks Consensus Estimate of $363 million by 14%.
Moreover, the adjusted top line improved by 62.9% from the year-ago quarter’s $254.1 million.
Total operating expenses in the quarter increased 109.3% year over year to $99.5 million. Higher SG&A expenses and research and development expenses led to the upside.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $206.4 million as of Jul 3, 2022 compared with $123.7 million as of Jan 3, 2021.
The long-term debt was $54.1 million as of Jul 3, 2022 compared with $0.4 million as of Jan 3, 2021.
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.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from the 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
Upcoming Solar Release
Canadian Solar (CSIQ - Free Report) is scheduled to report its earnings on Aug 18, 2022. The Zacks Consensus Estimate for Canadian Solar’s 2022 earnings is pegged at 70 cents per share, indicating growth of a solid 288.9% from the prior-year reported figure.
The Zacks Consensus Estimate for CSIQ’s 2022 sales is $2.23 billion, implying growth of 56.1% from the prior-year reported figure.
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SunPower (SPWR) Q2 Earnings Beat Estimates, Revenues Rise Y/Y
SunPower Corporation’s (SPWR - Free Report) share price increased 4.9% since its earnings release on Aug 2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
The Zacks Consensus Estimate for second-quarter earnings was a penny.
Excluding one-time adjustments, the company reported a GAAP loss of 24 cents per share against the prior-year quarter’s earnings of 46 cents per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $414.1 million, while its GAAP revenues were $417.8 million. Revenues surpassed the Zacks Consensus Estimate of $363 million by 14%.
Moreover, the adjusted top line improved by 62.9% from the year-ago quarter’s $254.1 million.
Total operating expenses in the quarter increased 109.3% year over year to $99.5 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-eps-surprise-chart | SunPower Corporation Quote
Financial Position
SunPower had cash and cash equivalents of $206.4 million as of Jul 3, 2022 compared with $123.7 million as of Jan 3, 2021.
The long-term debt was $54.1 million as of Jul 3, 2022 compared with $0.4 million as of Jan 3, 2021.
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, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from the 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
Upcoming Solar Release
Canadian Solar (CSIQ - Free Report) is scheduled to report its earnings on Aug 18, 2022. The Zacks Consensus Estimate for Canadian Solar’s 2022 earnings is pegged at 70 cents per share, indicating growth of a solid 288.9% from the prior-year reported figure.
The Zacks Consensus Estimate for CSIQ’s 2022 sales is $2.23 billion, implying growth of 56.1% from the prior-year reported figure.