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SunPower Corporation’s (SPWR - Free Report) share price increased 2.5% since its third-quarter earnings release. The company reported third-quarter 2022 adjusted earnings of 13 cents per share.
The bottom line marked an improvement from the year-ago quarter’s earnings of 12 cents per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at 5 cents per share.
Including one-time adjustments, the company reported GAAP earnings of 74 cents per share against the prior-year quarter’s loss of 49 cents per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $469.8 million, while its GAAP revenues were $475.7 million. Revenues surpassed the Zacks Consensus Estimate of $429 million by 9.4%.
Moreover, the adjusted top line improved by 66.8% from the year-ago quarter’s $281.6 million.
Total operating expenses in the quarter increased 103.8% year over year to $92.9 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 $396.5 million as of Oct 2, 2022 compared with $123.7 million as of Jan 3, 2021.
The long-term debt was $72.6 million as of Oct 2, 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. Meanwhile, residential customers are projected in the range of 73,000-80,000.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported third-quarter adjusted earnings of 91 cents per share. The bottom line declined by 37.2% from the prior-year quarter’s earnings of $1.45 per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at $1.17 per share.
SolarEdge’s revenues of $836.7 million in the third quarter surpassed the Zacks Consensus Estimate of $826 million by 1.3%. The top line surged 59% from the year-ago quarter’s $526.4 million.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.
First Solar, Inc. (FSLR - Free Report) reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.
First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved by 1.3% from the year-ago quarter’s $620.9 million, primarily due to increased module sales.
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SunPower (SPWR) Q3 Sales Beat Estimates, Earnings Rise Y/Y
SunPower Corporation’s (SPWR - Free Report) share price increased 2.5% since its third-quarter earnings release. The company reported third-quarter 2022 adjusted earnings of 13 cents per share.
The bottom line marked an improvement from the year-ago quarter’s earnings of 12 cents per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at 5 cents per share.
Including one-time adjustments, the company reported GAAP earnings of 74 cents per share against the prior-year quarter’s loss of 49 cents per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $469.8 million, while its GAAP revenues were $475.7 million. Revenues surpassed the Zacks Consensus Estimate of $429 million by 9.4%.
Moreover, the adjusted top line improved by 66.8% from the year-ago quarter’s $281.6 million.
Total operating expenses in the quarter increased 103.8% year over year to $92.9 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-eps-surprise-chart | SunPower Corporation Quote
Financial Position
SunPower had cash and cash equivalents of $396.5 million as of Oct 2, 2022 compared with $123.7 million as of Jan 3, 2021.
The long-term debt was $72.6 million as of Oct 2, 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. Meanwhile, 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
SolarEdge Technologies, Inc. (SEDG - Free Report) reported third-quarter adjusted earnings of 91 cents per share. The bottom line declined by 37.2% from the prior-year quarter’s earnings of $1.45 per share. The Zacks Consensus Estimate for third-quarter earnings was pegged at $1.17 per share.
SolarEdge’s revenues of $836.7 million in the third quarter surpassed the Zacks Consensus Estimate of $826 million by 1.3%. The top line surged 59% from the year-ago quarter’s $526.4 million.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million.
First Solar, Inc. (FSLR - Free Report) reported a third-quarter 2022 loss of 46 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line declined significantly from the prior-year quarter’s earnings of 52 cents per share.
First Solar’s third-quarter sales were $628.9 million, which missed the Zacks Consensus Estimate of $770 million by 18.4%. However, the top line improved by 1.3% from the year-ago quarter’s $620.9 million, primarily due to increased module sales.