We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SunPower (SPWR) Q3 Earnings Top Estimates, Revenues Rise Y/Y
Read MoreHide Full Article
SunPower Corp. (SPWR - Free Report) reported adjusted earnings of 22 cents per share in third-quarter 2019 in contrast to the Zacks Consensus Estimate of a loss of a penny. The company had incurred a loss of 29 cents per share in the year-ago quarter.
Excluding one-time adjustments, the company incurred GAAP loss of 11 cents per share compared with the prior-year quarter’s loss of 64 cents per share.
The year-over-year uptick can be attributed to solid revenues and gross profit growth witnessed by the company in the third quarter.
SunPower Corporation Price, Consensus and EPS Surprise
During the quarter under review, SunPower’s adjusted revenues came in at $491.7 million, surpassing the Zacks Consensus Estimate of $470 million by 5.9%. Moreover, the top line improved 10.9% from the year-ago quarter’s $443.4 million.
The reported figure also exceeded the company’s expectation of $430-$470 million in revenues. The year-over-year upside can be primarily attributed to higher revenues from both SunPower Energy Services and SunPower Technologies business units.
Furthermore, the company recorded adjusted gross profit of $78.2 million, up a massive 274.5% from the year-ago quarter. Its adjusted gross margin expanded 1,240 basis points to 10.1%.
These apart, SunPower deployed 586 megawatts (MW) in the third quarter compared with 346 MW in third-quarter 2018. The company exceeded the midpoint of its expected range of 550-600 MW in the reported quarter.
Financial Position
SunPower had cash and cash equivalents of $189 million as of Sep 29, 2019, compared with $309.4 million as of Dec 30, 2018.
Long-term debt was $48.5 million as of Sep 29, 2019, compared with $40.5 million as of Dec 31, 2018.
In the first nine months of 2019, net cash outflow from operating activities totaled $266.2 million compared with cash outflow of $517.1 million in the first nine months of 2018.
Outlook
For fourth-quarter 2019, the company expects to generate adjusted revenues of $520-$720 million. Adjusted gross margin is estimated to be 16-19%. Additionally, it anticipates deployment of 445-645 MW in the same period.
SunPower still expects to generate adjusted revenues of $1.9-$2.1 billion in 2019. The Zacks Consensus Estimate for full-year revenues, pegged at $1.98 billion, lies below the mid-point of the company guided range.
It currently projects 2019 deployment to be in the range of 2.1-2.3 gigawatts (GW) compared with the earlier guided range of 2.05-2.25 GW. However, it maintained its adjusted EBITDA projections for the full year in the range of $100-$120 million.
Canadian Solar, Inc. (CSIQ - Free Report) , carrying a Zacks Rank #2 (Buy), is set to report third-quarter 2019 results on Nov 12.
JinkoSolar Holding Company Ltd (JKS - Free Report) , carrying a Zacks Rank #2, is scheduled to come up with third-quarter 2019 results on Nov 19.
A Recent Solar Release
First Solar Inc (FSLR - Free Report) reported third-quarter 2019 adjusted earnings of 29 cents per share, missing the Zacks Consensus Estimate of $1.06 by 72.6%. The figure, however, marked an improvement from prior-year quarter’s loss per share of 18 cents.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain. Download Free Report Now >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SunPower (SPWR) Q3 Earnings Top Estimates, Revenues Rise Y/Y
SunPower Corp. (SPWR - Free Report) reported adjusted earnings of 22 cents per share in third-quarter 2019 in contrast to the Zacks Consensus Estimate of a loss of a penny. The company had incurred a loss of 29 cents per share in the year-ago quarter.
Excluding one-time adjustments, the company incurred GAAP loss of 11 cents per share compared with the prior-year quarter’s loss of 64 cents per share.
The year-over-year uptick can be attributed to solid revenues and gross profit growth witnessed by the company in the third quarter.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation Quote
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $491.7 million, surpassing the Zacks Consensus Estimate of $470 million by 5.9%. Moreover, the top line improved 10.9% from the year-ago quarter’s $443.4 million.
The reported figure also exceeded the company’s expectation of $430-$470 million in revenues. The year-over-year upside can be primarily attributed to higher revenues from both SunPower Energy Services and SunPower Technologies business units.
Furthermore, the company recorded adjusted gross profit of $78.2 million, up a massive 274.5% from the year-ago quarter. Its adjusted gross margin expanded 1,240 basis points to 10.1%.
These apart, SunPower deployed 586 megawatts (MW) in the third quarter compared with 346 MW in third-quarter 2018. The company exceeded the midpoint of its expected range of 550-600 MW in the reported quarter.
Financial Position
SunPower had cash and cash equivalents of $189 million as of Sep 29, 2019, compared with $309.4 million as of Dec 30, 2018.
Long-term debt was $48.5 million as of Sep 29, 2019, compared with $40.5 million as of Dec 31, 2018.
In the first nine months of 2019, net cash outflow from operating activities totaled $266.2 million compared with cash outflow of $517.1 million in the first nine months of 2018.
Outlook
For fourth-quarter 2019, the company expects to generate adjusted revenues of $520-$720 million. Adjusted gross margin is estimated to be 16-19%. Additionally, it anticipates deployment of 445-645 MW in the same period.
SunPower still expects to generate adjusted revenues of $1.9-$2.1 billion in 2019. The Zacks Consensus Estimate for full-year revenues, pegged at $1.98 billion, lies below the mid-point of the company guided range.
It currently projects 2019 deployment to be in the range of 2.1-2.3 gigawatts (GW) compared with the earlier guided range of 2.05-2.25 GW. However, it maintained its adjusted EBITDA projections for the full year in the range of $100-$120 million.
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.
Upcoming Solar Releases
Canadian Solar, Inc. (CSIQ - Free Report) , carrying a Zacks Rank #2 (Buy), is set to report third-quarter 2019 results on Nov 12.
JinkoSolar Holding Company Ltd (JKS - Free Report) , carrying a Zacks Rank #2, is scheduled to come up with third-quarter 2019 results on Nov 19.
A Recent Solar Release
First Solar Inc (FSLR - Free Report) reported third-quarter 2019 adjusted earnings of 29 cents per share, missing the Zacks Consensus Estimate of $1.06 by 72.6%. The figure, however, marked an improvement from prior-year quarter’s loss per share of 18 cents.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>