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SunPower (SPWR) Q1 Earnings Miss Estimates, Sales Rise Y/Y
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SunPower Corporation (SPWR - Free Report) reported a first-quarter 2023 adjusted loss of 7 cents per share compared to earnings of 2 cents per share in the prior-year period. The loss came in steeper than the break-even expectation of the Zacks Consensus Estimate.
Including one-time adjustments, the company reported a GAAP loss of 29 cents per share compared with the prior-year quarter’s loss of a cent.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $442.5 million, while its GAAP revenues were $440.9 million. The Zacks Consensus Estimate was pegged at $427 million. The adjusted top line improved by 31.7% from the year-ago quarter’s $336.1 million.
Total operating expenses in the quarter increased 18.1% year over year to $97.9 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 $116.5 million as of Apr 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $155.9 million as of Apr 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower reaffirmed 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 #5 (Strong Sell).
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.
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SunPower (SPWR) Q1 Earnings Miss Estimates, Sales Rise Y/Y
SunPower Corporation (SPWR - Free Report) reported a first-quarter 2023 adjusted loss of 7 cents per share compared to earnings of 2 cents per share in the prior-year period. The loss came in steeper than the break-even expectation of the Zacks Consensus Estimate.
Including one-time adjustments, the company reported a GAAP loss of 29 cents per share compared with the prior-year quarter’s loss of a cent.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $442.5 million, while its GAAP revenues were $440.9 million. The Zacks Consensus Estimate was pegged at $427 million. The adjusted top line improved by 31.7% from the year-ago quarter’s $336.1 million.
Total operating expenses in the quarter increased 18.1% year over year to $97.9 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 $116.5 million as of Apr 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $155.9 million as of Apr 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower reaffirmed 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 #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.