SunPower (SPWR) Q2 Earnings Top Estimates, Revenues Rise Y/Y


SunPower Corp.


SPWR

reported second-quarter 2021 adjusted earnings of 6 cents per share, which surpassed the Zacks Consensus Estimate of 3 cents by 100%. The bottom line also improved against loss of 10 cents incurred a year ago.

Excluding one-time adjustments, GAAP earnings were 40 cents per share, up from the prior-year quarter’s earnings of 31 cents.

Operational Results

During the quarter under review, SunPower’s revenues came in at $308.9 million, lagging the Zacks Consensus Estimate of $329 million by 6.1%. The top line improved 41.9% from the year-ago quarter’s $217.7 million. The year-over-year upside in revenues can be attributed to higher sales of solar power systems, components as well as residential leasing. Also, higher revenues earned from solar services contributed to quarterly revenue growth.

Furthermore, total operating expenses in the quarter increased 83% year over year to $60.3 million. Notably, higher sales, general and administrative expenses led to the increase.

Financial Position

SunPower had cash and cash equivalents of $140.5 million as of Jul 4, 2021, compared with $232.8 million as of Jan 3, 2021.

Long-term debt was $58.2 million as of Jul 4, 2021, compared with $56.4 million as of Jan 3, 2021.

During the first half of 2021, net cash outflow from operating activities totaled $18.4 million compared with the year-ago quarter’s $158.8 million.

Q3 & 2021 Outlook

For third-quarter 2021, the company expects to generate adjusted revenues of $325-$375 million.

For 2021, the company expects to generate adjusted revenues of $1.41-$1.49 billion. The Zacks Consensus Estimate for 2021 revenues, pegged at $1.45 billion, is in line with the midpoint of the company guided range.

Zacks Rank

SunPower currently carries a Zacks Rank #3 (Hold). You can see


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


.

Recent Solar Releases


Enphase Energy


ENPH

delivered second-quarter adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 42 cents.


First Solar Inc.


FSLR

reported adjusted earnings of 77 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents for the June-end quarter.


SolarEdge Technologies


SEDG

reported second-quarter adjusted earnings of $1.28 per share, which surpassed the Zacks Consensus Estimate of $1.12.


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