SunPower Improves Financial Position In 2nd Quarter Earnings
Posting a smaller than expected loss, US solar panel manufacturer SunPower has solidified its position in 2017, righting its ship somewhat and improving its position across several of its metrics.
For the second quarter this year, SunPower has managed to post a “smaller than expected” net loss. In the first quarter, the company’s net loss amounted to $134.5 million — down significantly on the net loss attributable to the fourth quarter of $275.1 million, and also down on analyst expectations. In the second quarter, SunPower reduced its net loss to only $93.8 million — though, this is still up on the net loss attributable to the second quarter of 2016 ($70 million), proof of the company’s tenuous position.
Revenue for the quarter was $337.4 million, down from both the $399.1 million in the first quarter, and the $420.5 million a year ago (as was the company’s non-GAAP revenue).
“Our strong execution enabled us to meet our financial goals for the quarter despite the continued challenging industry conditions,” explained Tom Werner, SunPower president and CEO.
SunPower has also updated its original guidance for its fiscal year 2017 revenue and gigawatts (GW) deployed. GAAP revenue has changed from $1.8 billion–$2.3 billion ($2.1 billion to $2.6 billion non-GAAP) to $1.9–$2.1 billion ($2.1 billion to $2.3 billion on a non-GAAP basis). It now expects GW deployed to be in the range of 1.3 GW to 1.45 GW, down from a wider spread of 1.3 GW to 1.6 GW.
In the third quarter, SunPower expects to deliver GAAP revenue of between $300 million and $350 million, and MW (megawatts) deployed in the range of 405 MW to 435 MW. Interestingly, SunPower predicts that it will “deliver more than 500 MW in the second half of the year with a significant majority to be recognized in the fourth quarter of 2017.” However, that would seem to suggest that “more than 500 MW” is something of an understatement, given its predictions of a max of 435 MW in the third quarter, and leaves me a little wary of the company’s ability to follow through on one or the other promise. Only time will tell, it seems.
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