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SunPower (SPWR) Q1 Loss Narrower Than Expected, Sales Top

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SunPower Corp. incurred first-quarter 2018 adjusted loss of 20 cents per share, which came in narrower than the Zacks Consensus Estimate loss of 34 cents. In the year-ago quarter, the company reported loss of 36 cents per share.

Excluding one-time adjustments, the company incurred a GAAP loss of 83 cents per share, narrower than the year-ago loss of $1.58.

Operational Results

During the quarter, SunPower reported adjusted revenues of $399 million, surpassing the Zacks Consensus Estimate of $340 million by 17.3%. However, the reported revenues declined 7.1% from the year-ago figure of $429.5 million.

Total operating expenses were up 47.7% to $144.3 million due to higher restructuring expenses and impairment of residential lease assets.

SunPower Corporation Price, Consensus and EPS Surprise

Financial Position

SunPower had cash and cash equivalents of $260.7 million as of Mar 31, 2018 compared with $435.1 million as of Dec 31, 2017.

Long-term debt was $431.7 million as of Mar 31, 2018 compared with $430.6 million as of Dec 31, 2017.

In the first quarter, net cash outflow from operating activities was $233.3 million against cash outflow of $126.9 million in the year-ago quarter.

Guidance

The company expects adjusted revenues in the range of $375-$425 million for second-quarter 2018.  Adjusted gross margin is estimated to be in the 6-8% range. The company expects to deploy 350-380 megawatts in the quarter.

SunPower continues to anticipate adjusted revenues for 2018 to lie in the range of $1.8-$2.2 billion.

Zacks Rank

SunPower currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Solar Releases

First Solar (FSLR - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of a loss of 5 cents.

Enphase Energy (ENPH - Free Report) reported first-quarter 2018 loss of a penny, which came in narrower than the Zacks Consensus Estimate for loss of 3 cents.

Upcoming Solar Releases

Canadian Solar (CSIQ - Free Report) is scheduled to release 2018 first-quarter earnings on May 16. The Zacks Consensus Estimate for the quarter is pegged at 38 cents.

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