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SunPower (SPWR) Q2 Earnings Miss Estimates, Sales Rise Y/Y
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SunPower Corporation (SPWR - Free Report) reported a second-quarter 2023 adjusted loss of 13 cents per share compared to earnings of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
Including one-time adjustments, the company reported a GAAP loss of 17 cents per share compared with the prior-year quarter’s loss of 24 cents.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $461.3 million, while its GAAP revenues were $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved by 8.5% from the year-ago quarter’s $425 million.
Total operating expenses in the quarter decreased 10.2% year over year to $89.3 million. Lower SG&A expenses, and research and development expenses led to the downside.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $114.1 million as of Jul 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $305.7 million as of Jul 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower updated 2023 guidance. For 2023, SPWR now expects adjusted EBITDA in the range of $55-$75 million, down from the previous guidance range of $125-$155 million. Meanwhile, residential customers are now projected in the range of 70,000-90,000, down from the previously announced expectation in the band of 90,000-110,000.
Zacks Rank
SunPower currently has a Zacks Rank #5 (Strong Sell).
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.
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SunPower (SPWR) Q2 Earnings Miss Estimates, Sales Rise Y/Y
SunPower Corporation (SPWR - Free Report) reported a second-quarter 2023 adjusted loss of 13 cents per share compared to earnings of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
Including one-time adjustments, the company reported a GAAP loss of 17 cents per share compared with the prior-year quarter’s loss of 24 cents.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $461.3 million, while its GAAP revenues were $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved by 8.5% from the year-ago quarter’s $425 million.
Total operating expenses in the quarter decreased 10.2% year over year to $89.3 million. Lower SG&A expenses, and research and development expenses led to the downside.
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 $114.1 million as of Jul 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $305.7 million as of Jul 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower updated 2023 guidance. For 2023, SPWR now expects adjusted EBITDA in the range of $55-$75 million, down from the previous guidance range of $125-$155 million. Meanwhile, residential customers are now projected in the range of 70,000-90,000, down from the previously announced expectation in the band 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
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.