SunPower Corp. SPWR 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.
Operational Results
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
Financial Position
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.
Guidance
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.
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
Hanwha Q CELLS Co., Ltd. HQCL 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 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 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.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 – 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment