SunPower Corp. (SPWR - Free Report) incurred second-quarter 2018 adjusted loss of a penny per share, narrower than the Zacks Consensus Estimate of a loss of 32 cents. In the year-ago quarter, the company reported loss of 35 cents.
Excluding one-time adjustments, the company incurred a GAAP loss of $3.17 per share, wider than the year-ago quarter’s loss of 65 cents.
During the quarter under review, SunPower reported adjusted revenues of $447.2 million, surpassing the Zacks Consensus Estimate of $420 million by 6.5%. Also, the top line surged 31% from the year-ago figure of $341.5 million.
Total operating expenses were up 79.5% to $167.7 million due to higher research and development expenses as well as impairment of residential lease assets.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $256.7 million as of Jun 30, 2018 compared with $435.1 million as of Dec 31, 2017.
Long-term debt was $463.7 million as of Jun 30, 2018 compared with $430.6 million as of Dec 31, 2017.
In the second quarter, net cash outflow from operating activities was $122.1 million compared with cash outflow of $161.8 million in the year-ago period.
The company expects adjusted revenues in the range of $450-$500 million for third-quarter 2018. Adjusted gross margin is estimated in the 6-8% band. The company anticipates deployment of 400-430 megawatts in the period.
SunPower continues to project 2018 adjusted revenues in the range of $1.8-$2.2 billion.
SunPower currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Solar Releases
Hanwha Q CELLS Co., Ltd. is scheduled to release second-quarter 2018 earnings on Aug 9. The Zacks Consensus Estimate for the quarterly earnings is pegged at 11 cents per share.
Azure Power Global Ltd. (AZRE - Free Report) is scheduled to release first-quarter fiscal 2018 earnings on Aug 10. The consensus estimate for the bottom line in the quarter to be reported stands at a loss of 14 cents per share.
Real Goods Solar, Inc. (RGSE - Free Report) is scheduled to release second-quarter 2018 earnings on Aug 8. The consensus mark for the to-be-reported quarter’s earnings is 33 cents per share.
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