SunPower Loss Exceeds Expectations, Guidance Holds Shares Up
SunPower Corp. (NASDAQ: SPWR) reported first-quarter 2016 results after markets closed Thursday afternoon. For the quarter, the solar panel maker reported an adjusted diluted net loss of $0.30 on adjusted revenue of $433.6 million. In the same period a year…
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SunPower Corp. (NASDAQ: SPWR) reported first-quarter 2016 results after markets closed Thursday afternoon. For the quarter, the solar panel maker reported an adjusted diluted net loss of $0.30 on adjusted revenue of $433.6 million. In the same period a year ago, SunPower reported EPS of $0.13 on revenue of $430.6 million. First-quarter results compare to the Thomson Reuters consensus estimates for a net loss per share of $0.20 and $328.53 million in revenue.
On a GAAP basis revenues totaled $384.9 and the per-share net loss came to $0.62. Adjustments to revenues included a loss of $15.2 million on yieldco 8point3 Energy Partners LP (NASDAQ: CAFD) and a gain of $53.54 million on utility and power plant projects. Adjustments to net income included $10.72 on the yieldco and $16.5 million on stock-based compensation expense.
SunPower guided second-quarter adjusted revenues in a range of $310 to $360 million and gross margin of 12% to 14%. For the full-year adjusted revenues are forecast at $3.2 to $3.4 billion, gross margin of 14% to 16%.
Consensus second-quarter estimates call for revenues of $722 million and earnings per share of $0.24. For the full-year analysts are looking for earnings per share of $1.38 and revenues of $3.25 billion.
[nativounit]
The company’s CEO said:
In our upstream solar cell and panel manufacturing operations, we delivered strong yields and record panel output, and we continue to ramp volume at our new Fab 4 cell manufacturing facility. … [W]e expect to double our commercial market share in the U.S. this year. Internationally, we also had a significant win in Japan during the quarter, where we booked a 17-MW supply contract with a leading Japanese commercial rooftop project developer.
SunPower’s shares traded up about 3.3% in after-hours trading, at $17.79 in a 52-week range of $17.14 to $33.29. The low was set in Thursday’s trading session. Thomson Reuters had a consensus analyst price target of $35.39 before results were announced.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
