When SunPower Corp. (NASDAQ: SPWR) released its second-quarter financial results after the markets closed on Wednesday, the solar energy firm said that it had $0.75 in earnings per share (EPS) and $436 million in revenue. That compared with consensus estimates calling for a net loss of $0.19 per share and $440 million in revenue, as well as the −$3.17 per share and $449 million posted in the same period of last year.
During the latest quarter, SunPower deployed 622 megawatts (MW), up from 385 MW in the same period of last year and up from 455 MW sequentially.
This quarter, SunPower continued to see the benefits of its corporate transformation as the company met or exceeded its financial guidance metrics while positioning itself for significant profitability improvement in the second half of the year.
Looking ahead to the third quarter, the company expects to see revenue in the range of $450 million to $490 million with a gross margin of 14% to 17% and MW deployed in the range of 550 MW to 600 MW. Consensus estimates are calling for $0.20 in EPS and $579.41 million in revenue for the quarter.
Tom Werner, SunPower board chair and chief executive, commented:
We executed well in our North American residential business, with demand strength driving sequential deployment growth of more than 30 percent. Customer and dealer response to the launch of our new 415-watt, Maxeon-5, A-Series residential panel last quarter has been very favorable and we expect this to continue in the second half of the year. We expanded our new homes leadership position with backlog now in excess of 38,000 homes, and our loan offering continues to gain traction, accounting for 30 percent of our residential revenue in the second quarter.
Shares of SunPower traded up about 33% on Thursday to $15.53, in a 52-week range of $4.55 to $15.79. The consensus price target is $8.17.