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SunPower (SPWR) Q4 Sales Miss Estimates, Earnings Rise Y/Y
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SunPower Corporation (SPWR - Free Report) reported fourth-quarter 2022 adjusted earnings of 15 cents per share. The bottom line marked an improvement from the year-ago quarter’s earnings of 2 cents. The Zacks Consensus Estimate for fourth-quarter earnings was pegged at 9 cents per share.
Including one-time adjustments, the company reported GAAP earnings of 4 cents per share compared with the prior-year quarter’s earnings of 22 cents. For 2022, the company recorded adjusted earnings of 33 cents per share, up from the 27 cents generated in 2021. The full-year earnings came in line with the Zacks Consensus Estimate.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $492.4 million, while its GAAP revenues were $497.3 million. Revenues marginally missed the Zacks Consensus Estimate of $493 million by 0.4%. However, the adjusted top line improved by 47.8% from the year-ago quarter’s $347.5 million.
For 2022, SPWR reported adjusted revenues worth $1.71 billion, up from the $1.12 billion recorded in 2021. However, the full-year revenues missed the Zacks Consensus Estimate of $1.73 billion.
Total operating expenses in the quarter increased 20.3% year over year to $89.1 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 $377 million as of Jan 1, 2023 compared with $123.7 million as of Jan 2, 2022. The long-term debt was $308 million as of Jan 1, 2023 compared with $380 million as of Jan 2, 2022.
2023 Outlook
SunPower initiated 2023 guidance. For 2023, SPWR expects adjusted EBITDA in the range of $125-$155 million. Meanwhile, residential customers are projected in the range of 90,000-110,000.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from the 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by the strong demand for its Enphase Energy Systems.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line increased 160% from the prior-year quarter’s $1.10 per share.
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
Upcoming Solar Release
First Solar, Inc. (FSLR - Free Report) is slated to report fourth-quarter 2022 results on Feb 28, 2023. First Solar has a trailing four-quarter negative earnings surprise of 2.93%, on average.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $997.4 million, indicating an increase of 9.9% from the year-ago reported figure. The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at a loss of 18 cents per share, indicating a decline from the year-ago quarter’s tally.
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SunPower (SPWR) Q4 Sales Miss Estimates, Earnings Rise Y/Y
SunPower Corporation (SPWR - Free Report) reported fourth-quarter 2022 adjusted earnings of 15 cents per share. The bottom line marked an improvement from the year-ago quarter’s earnings of 2 cents. The Zacks Consensus Estimate for fourth-quarter earnings was pegged at 9 cents per share.
Including one-time adjustments, the company reported GAAP earnings of 4 cents per share compared with the prior-year quarter’s earnings of 22 cents. For 2022, the company recorded adjusted earnings of 33 cents per share, up from the 27 cents generated in 2021. The full-year earnings came in line with the Zacks Consensus Estimate.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $492.4 million, while its GAAP revenues were $497.3 million. Revenues marginally missed the Zacks Consensus Estimate of $493 million by 0.4%. However, the adjusted top line improved by 47.8% from the year-ago quarter’s $347.5 million.
For 2022, SPWR reported adjusted revenues worth $1.71 billion, up from the $1.12 billion recorded in 2021. However, the full-year revenues missed the Zacks Consensus Estimate of $1.73 billion.
Total operating expenses in the quarter increased 20.3% year over year to $89.1 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 $377 million as of Jan 1, 2023 compared with $123.7 million as of Jan 2, 2022. The long-term debt was $308 million as of Jan 1, 2023 compared with $380 million as of Jan 2, 2022.
2023 Outlook
SunPower initiated 2023 guidance. For 2023, SPWR expects adjusted EBITDA in the range of $125-$155 million. Meanwhile, residential customers are projected in the range of 90,000-110,000.
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 fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from the 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by the strong demand for its Enphase Energy Systems.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line increased 160% from the prior-year quarter’s $1.10 per share.
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
Upcoming Solar Release
First Solar, Inc. (FSLR - Free Report) is slated to report fourth-quarter 2022 results on Feb 28, 2023. First Solar has a trailing four-quarter negative earnings surprise of 2.93%, on average.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $997.4 million, indicating an increase of 9.9% from the year-ago reported figure. The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at a loss of 18 cents per share, indicating a decline from the year-ago quarter’s tally.