SunPower (SPWR) Q1 Earnings Surpass Estimates, Revenues Up Y/Y

SunPower Corp. SPWR reported first-quarter 2021 adjusted earnings of 5 cents per share, which surpassed the Zacks Consensus Estimate of break-even. The company had incurred a loss of 10 cents per share a year ago.

Excluding one-time adjustments, the company incurred a GAAP loss of 28 cents per share, wider than the prior-year quarter’s loss of a penny.

Operational Results

During the quarter under review, SunPower’s adjusted revenues came in at $306.4 million, surpassing the Zacks Consensus Estimate of $305 million by a mere 0.1%. Moreover, the top line improved 5.5% from the year-ago quarter’s $290.5 million. The year-over-year upside in revenues can be primarily attributed to higher sales of solar power systems, components and solar services.

Furthermore, total operating expenses in the quarter increased 6.8% year over year to $53.2 million. Notably, higher sales, general and administrative expenses and restructuring charges led to the increase.

SunPower Corporation Price, Consensus and EPS Surprise

SunPower Corporation Price, Consensus and EPS Surprise

SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation Quote

Financial Position

SunPower had cash and cash equivalents of $213.1 million as of Apr 4, 2021, compared with $232.8 million as of Jan 3, 2021.

Long-term debt was $86.4 million as of Apr 4, 2021, compared with $56.4 million as of Jan 3, 2021.

In the first quarter, net cash outflow from operating activities totaled $40.4 million compared with the year-ago quarter’s $179.5 million.

Q2 Outlook

For second-quarter 2021, the company expects to generate adjusted revenues of $295-$345 million. The Zacks Consensus Estimate for the same is pegged at $340.3 million, which lies near the higher end of the company’s 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, Inc. ENPH reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.

First Solar Inc. FSLR reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.

SolarEdge Technologies, Inc. SEDG reported first-quarter 2021 adjusted earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.01 by 3%.

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