SunPower (SPWR) Posts Wider Q2 Loss, Beats Revenue Estimates
Zacks Investment Research | Jul 31, 2019 10:07PM ET
SunPower Corp. (NASDAQ:SPWR) incurred adjusted loss of 22 cents per share in second-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 9 cents. The company had incurred a loss of a penny per share in the year-ago quarter.
Excluding one-time adjustments, the company registered GAAP earnings of 75 cents per share against the prior-year quarter’s loss of $3.17 per share.
Operational Results
During the quarter under review, SunPower’s adjusted revenues came in at $481.9 million, surpassing the Zacks Consensus Estimate of $446 million by 8%. Moreover, the top line improved 7.8% from the year-ago quarter’s $447.1 million. The reported figure also exceeded the company’s expectation of generating $370-$410 million revenues in the second quarter. The year-over-year upside can be primarily attributed to increased revenues from SunPower Energy Services and SunPower Technologies.
Furthermore, total operating income in the quarter was $46.4 million. A gain from business divestiture caused significant reduction in operating expenses during the quarter.
These apart, SunPower deployed 622 megawatts (MW) in the second quarter compared with 385 MW in second-quarter 2018. The company also exceeded its expectation of deploying 550-600 MW in the reported quarter.
Financial Position
SunPower had cash and cash equivalents of $167.3 million as of Jun 30, 2019, compared with $309.4 million as of Dec 30, 2018.
Long-term debt was $102.3 million as of Jun 30, 2019, compared with $40.5 million as of Dec 31, 2018.
In the first half of 2019, net cash outflow from operating activities totaled $30.8 million against the cash inflow of $349.2 million in the first half of 2018.
SunPower Corporation Price, Consensus and EPS Surprise
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