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) Q1 Earnings Miss Estimates, Sales Rise Y/Y
Read MoreHide Full Article
SunPower Corporation reported a first-quarter 2023 adjusted loss of 7 cents per share compared to earnings of 2 cents per share in the prior-year period. The loss came in steeper than the break-even expectation of the Zacks Consensus Estimate.
Including one-time adjustments, the company reported a GAAP loss of 29 cents per share compared with the prior-year quarter’s loss of a cent.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $442.5 million, while its GAAP revenues were $440.9 million. The Zacks Consensus Estimate was pegged at $427 million. The adjusted top line improved by 31.7% from the year-ago quarter’s $336.1 million.
Total operating expenses in the quarter increased 18.1% year over year to $97.9 million. Higher SG&A expenses, and research and development expenses led to the upside.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $116.5 million as of Apr 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $155.9 million as of Apr 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower reaffirmed 2023 guidance. For 2023, SPWR expects adjusted EBITDA in the range of $125-$155 million. Meanwhile, residential customers are projected in the range of 90,000-110,000.
Zacks Rank
SunPower currently has a Zacks Rank #5 (Strong Sell).
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SunPower (SPWR) Q1 Earnings Miss Estimates, Sales Rise Y/Y
SunPower Corporation reported a first-quarter 2023 adjusted loss of 7 cents per share compared to earnings of 2 cents per share in the prior-year period. The loss came in steeper than the break-even expectation of the Zacks Consensus Estimate.
Including one-time adjustments, the company reported a GAAP loss of 29 cents per share compared with the prior-year quarter’s loss of a cent.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $442.5 million, while its GAAP revenues were $440.9 million. The Zacks Consensus Estimate was pegged at $427 million. The adjusted top line improved by 31.7% from the year-ago quarter’s $336.1 million.
Total operating expenses in the quarter increased 18.1% year over year to $97.9 million. Higher SG&A expenses, and research and development expenses led to the upside.
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 $116.5 million as of Apr 2, 2023 compared with $377 million as of Jan 1, 2023. The long-term debt was $155.9 million as of Apr 2, 2023 compared with $308 million as of Jan 1, 2023.
2023 Outlook
SunPower reaffirmed 2023 guidance. For 2023, SPWR expects adjusted EBITDA in the range of $125-$155 million. Meanwhile, residential customers are projected in the range 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
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.