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SunPower (SPWR) Tops Q4 Earnings Estimates, Revenues Lag
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SunPower Corp. reported fourth-quarter 2017 adjusted earnings of 25 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 38.9%. In the year-ago period, the company reported earnings of 2 cents per share.
The results include adjustments related to cost of above-market polysilicon.
On a GAAP basis, the company incurred a loss of $4.07 per share, wider than the year-ago loss of $1.99.
For 2017, SunPower reported adjusted loss of 25 cents per share, as against earnings of 60 cents in the prior year. The full-year adjusted earnings also came in narrower than the Zacks Consensus Estimate for loss of 36 cents.
Operational Results
During the quarter, SunPower garnered adjusted revenues of $824 million that missed the Zacks Consensus Estimate of $838 million by 1.7%. Moreover, reported revenues declined 24.9% from the year-ago figure of $1097.3 million.
For 2017, the company generated adjusted revenues worth $2,128.6 million, which also lagged the Zacks Consensus Estimate of $2,140 million. Moreover, on a year-over-year basis, revenues fell 21.2% from $2,702.9 billion in the prior year.
Total operating expenses were up by a whopping 170.3% to $719.4 million due to higher selling, general and administrative expenses and impairment of residential lease assets.
Financial Position
SunPower had cash and cash equivalents of $435 million as of Dec 31, 2017 compared with $425.3 million as of Jan 1, 2017. Long-term debt dropped to $430.6 million from $451.2 million at 2016-end.
In the fourth quarter, net cash inflow was $47.9 million from operating activities compared with $486.1 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects adjusted revenues in the range of $300-$350 million for first-quarter 2018. Adjusted Gross margin is estimated to be in 4-6% range for the quarter.
SunPower currently anticipates adjusted revenues for 2018 to lie in the range of $1.8-$2.2 billion.
The company expects to deploy 275-305 megawatts in the first quarter and 1.37-1.40 gigawatts (GW) in 2018.
SunPower Corporation Price, Consensus and EPS Surprise
First Solar surpassed the Zacks Consensus Estimate in the trailing four quarters with an average beat of 537.39%. Also, Zacks Consensus Estimate for 2018 rose by 36 cents in the last 90 days.
Upcoming Peer Releases
JA Solar Holdings is scheduled to release fourth-quarter 2017 results on Mar 15. JA Solar Holdings surpassed the Zacks Consensus Estimate in two of the trailing four quarters with an average positive earnings surprise of 574.07%.
Sunrun (RUN - Free Report) is scheduled to release fourth-quarter 2017 results on Mar 6. Sunrun surpassed the Zacks Consensus Estimate in the trailing four quarters with an average positive earnings surprise of 75.67%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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SunPower (SPWR) Tops Q4 Earnings Estimates, Revenues Lag
SunPower Corp. reported fourth-quarter 2017 adjusted earnings of 25 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 38.9%. In the year-ago period, the company reported earnings of 2 cents per share.
The results include adjustments related to cost of above-market polysilicon.
On a GAAP basis, the company incurred a loss of $4.07 per share, wider than the year-ago loss of $1.99.
For 2017, SunPower reported adjusted loss of 25 cents per share, as against earnings of 60 cents in the prior year. The full-year adjusted earnings also came in narrower than the Zacks Consensus Estimate for loss of 36 cents.
Operational Results
During the quarter, SunPower garnered adjusted revenues of $824 million that missed the Zacks Consensus Estimate of $838 million by 1.7%. Moreover, reported revenues declined 24.9% from the year-ago figure of $1097.3 million.
For 2017, the company generated adjusted revenues worth $2,128.6 million, which also lagged the Zacks Consensus Estimate of $2,140 million. Moreover, on a year-over-year basis, revenues fell 21.2% from $2,702.9 billion in the prior year.
Total operating expenses were up by a whopping 170.3% to $719.4 million due to higher selling, general and administrative expenses and impairment of residential lease assets.
Financial Position
SunPower had cash and cash equivalents of $435 million as of Dec 31, 2017 compared with $425.3 million as of Jan 1, 2017. Long-term debt dropped to $430.6 million from $451.2 million at 2016-end.
In the fourth quarter, net cash inflow was $47.9 million from operating activities compared with $486.1 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects adjusted revenues in the range of $300-$350 million for first-quarter 2018. Adjusted Gross margin is estimated to be in 4-6% range for the quarter.
SunPower currently anticipates adjusted revenues for 2018 to lie in the range of $1.8-$2.2 billion.
The company expects to deploy 275-305 megawatts in the first quarter and 1.37-1.40 gigawatts (GW) in 2018.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower Corporation Price, Consensus and EPS Surprise | SunPower Corporation Quote
Zacks Rank & Key Pick
SunPower carries a Zacks Rank #4 (Sell).
A better-ranked stock in the same sector is First Solar (FSLR - Free Report) carrying a Zacks Rank 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
First Solar surpassed the Zacks Consensus Estimate in the trailing four quarters with an average beat of 537.39%. Also, Zacks Consensus Estimate for 2018 rose by 36 cents in the last 90 days.
Upcoming Peer Releases
JA Solar Holdings is scheduled to release fourth-quarter 2017 results on Mar 15. JA Solar Holdings surpassed the Zacks Consensus Estimate in two of the trailing four quarters with an average positive
earnings surprise of 574.07%.
Sunrun (RUN - Free Report) is scheduled to release fourth-quarter 2017 results on Mar 6. Sunrun surpassed the Zacks Consensus Estimate in the trailing four quarters with an average positive earnings surprise of 75.67%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>