SunPower (SPWR) Tops Q4 Earnings Estimates, Revenues Lag
Zacks Investment Research | Feb 14, 2018 09:08PM ET
SunPower Corp. (NASDAQ:SPWR) reported fourth-quarter 2017 adjusted earnings of 25 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 38.9%. In the year-ago period, the company reported earnings of 2 cents per share.
The results include adjustments related to cost of above-market polysilicon.
On a GAAP basis, the company incurred a loss of $4.07 per share, wider than the year-ago loss of $1.99.
For 2017, SunPower reported adjusted loss of 25 cents per share, as against earnings of 60 cents in the prior year. The full-year adjusted earnings also came in narrower than the Zacks Consensus Estimate for loss of 36 cents.
Operational Results
During the quarter, SunPower garnered adjusted revenues of $824 million that missed the Zacks Consensus Estimate of $838 million by 1.7%. Moreover, reported revenues declined 24.9% from the year-ago figure of $1097.3 million.
For 2017, the company generated adjusted revenues worth $2,128.6 million, which also lagged the Zacks Consensus Estimate of $2,140 million. Moreover, on a year-over-year basis, revenues fell 21.2% from $2,702.9 billion in the prior year.
Total operating expenses were up by a whopping 170.3% to $719.4 million due to higher selling, general and administrative expenses and impairment of residential lease assets.
Financial Position
SunPower had cash and cash equivalents of $435 million as of Dec 31, 2017 compared with $425.3 million as of Jan 1, 2017. Long-term debt dropped to $430.6 million from $451.2 million at 2016-end.
In the fourth quarter, net cash inflow was $47.9 million from operating activities compared with $486.1 million in the year-ago period.
Guidance
On a non-GAAP basis, the company expects adjusted revenues in the range of $300-$350 million for first-quarter 2018. Adjusted Gross margin is estimated to be in 4-6% range for the quarter.
SunPower currently anticipates adjusted revenues for 2018 to lie in the range of $1.8-$2.2 billion.
The company expects to deploy 275-305 megawatts in the first quarter and 1.37-1.40 gigawatts (GW) in 2018.
SunPower Corporation Price, Consensus and EPS Surprise
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.