SunPower Corp. (NASDAQ: SPWR) reported second quarter adjusted EPS of $0.08 and $595.9 million in revenue after the markets closed today. The company posted an EPS loss of -$0.19 for the same period a year ago, and last year’s revenue totaled $592.3 million. The results compare to the Thomson Reuters consensus estimates for an EPS loss of -$0.09 and $614.1 million in revenue.
The company revised third quarter adjusted EPS guidance to a loss of -$0.05 to -$0.20 and full-year EPS guidance “break even or better.” The current consensus estimate for third quarter EPS is $0.01 and for the full year EPS is estimated at a loss of -$0.10.
The company’s president/CEO said:
Operationally, we had a very strong quarter related to cost reduction as our blended cost per watt declined more than 10 percent sequentially as we benefitted from higher yields, further execution on our manufacturing step reduction program and lower raw material costs. … We firmly believe that by effectively managing our assets, driving new market development, controlling operating expenses and investing in areas that offer us the greatest returns, we will be in a leading market position when the industry exits its current transition phase.
SunPower also said that it expects to reduce its cost per watt to less than $0.75 by the end of the year, a full year ahead of the company’s previous schedule. The company also lowered its forecast fourth-quarter cost per watt by 10%.
The company’s shares are flat in after-hours trading, at $4.69, after dropping nearly -10% at one point. The current 52-week range is $3.71-$9.54. Thomson Reuters had a consensus analyst price target of $6.41 before today’s results were announced.