SunPower Corporation


SPWR

reported fourth-quarter 2021 adjusted loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 14 cents.

Excluding one-time adjustments, the company reported GAAP earnings of 11 cents per share compared with the prior-year quarter’s earnings of $2.08.

For 2021, the company posted adjusted earnings of 7 cents per share, which missed the Zacks Consensus Estimate of earnings of 21 cents by 66.7%. The bottom line marked an improvement from the year-ago loss of 2 cents.

Operational Results

During the quarter under review, SunPower’s adjusted revenues came in at $384.2 million, while its GAAP revenues were $384.5 million.

Revenues surpassed the Zacks Consensus Estimate of $381 million.

Moreover, the adjusted top line improved 13.8% from the year-ago quarter’s $337.5 million.

In 2021, the company generated adjusted revenues worth $1.31 billion, up 19% from the prior year’s top line. The top line missed the Zacks Consensus Estimate of $1.32 billion.

Total operating expenses in the quarter increased 6% year over year to $82.1 million. Higher sales, general and administrative as well as research and development expenses led to the upside.

Financial Position

SunPower had cash and cash equivalents of $127.1 million as of Jan 2, 2022, compared with $232.8 million as of Jan 3, 2021.

Long-term debt was $0.4 million as of Jan 2, 2022, compared with $56.4 million as of Jan 3, 2021.

2022 Outlook

For 2022, the company expects to generate GAAP net income in the range of $85-$105 million, while residential customers are projected in the range of 73,000-80,000.

Zacks Rank

SunPower currently has a Zacks Rank #5 (Strong Sell).

You can see


the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here


.

Recent Solar Releases

Enphase Energy


ENPH

reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.

Its fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. The top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.

SolarEdge Technologies


SEDG

reported fourth-quarter 2021 adjusted earnings of $1.10 per share, down from $1.45 in the year-ago quarter. The company reported revenues worth $551.9 million, up 5% from fourth-quarter 2020.

Its adjusted operating income came in at $72.9 million, up 68% from the same quarter last year. The company expects to generate revenues in the range of $615-$645 million during 2022.

Upcoming Release

Sunnova Energy International


NOVA

is slated to release fourth-quarter results on Feb 23. It has a four-quarter average negative earnings surprise of 2.24%.

The Zacks Consensus Estimate for Sunnova’s fourth-quarter top and bottom line is pegged at $64.7 million and a loss of 37 cents per share, respectively.

7 Best Stocks for the Next 30 Days

Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”

Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention.

See them now >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.

Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research