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SunPower Shares Skyrocket 15% On Back Of Strong Third Quarter

SunPower, one of the world’s leading solar manufacturers, has this week seen its shares jump 15% on the back of its third-quarter earnings report in which the company reported increased revenue of $477.2 million. 

SunPower, one of the world’s leading solar manufacturers, has this week seen its shares jump 15% on the back of its third-quarter earnings report in which the company reported increased revenue of $477.2 million.

SunPower’s third-quarter earnings report laid waste analyst predictions on Thursday with adjusted profit (EBITDA) of $67.3 million and earnings per share of $0.21 — compared to the $0.39 loss analysts had been predicting. As a result, the company’s earnings jumped 15%.

The company did not include in its third quarter 2017 results the amount of solar deployed, but in the second quarter the company provided guidance that it would deploy between 405 MW (megawatts) and 435 MW.

Tom Werner

“We were pleased with our overall results as our diversified model and solid execution enabled us to exceed our financial forecasts for the quarter,” said Tom Werner, SunPower president and CEO.

“Demand for our high quality, industry leading solutions in our residential business remains robust and is supported by our ability to offer customers multiple financing alternatives for their systems. In power plant, we benefitted from the completion and sale of our 69-megawatt (MW) Gala project while executing on our commitments for the fourth quarter including our 100-MW El Pelicano project in Chile which we expect to be sold this year, and demand in our SunPower Solutions group remains strong, with bookings now exceeding 500 MW.”

“Our third quarter results reflect our continued ability to execute on our model while benefitting from our corporate restructuring and cash generating initiatives,” added Chuck Boynton, SunPower chief financial officer. “Financially, our focus remains on prudently managing our working capital and strengthening our balance sheet.  To that end, we were pleased to secure nearly $200 million in incremental financings to facilitate further growth in our residential and commercial businesses. Given our strong execution and focus on cash flow, we are well positioned to achieve our strategic goals.”

Looking forward, SunPower is not as bullish as the stock markets might suggest it could be. The company is providing guidance for the fourth quarter of GAAP revenue of between $635 million and $685 million, gross margin of 6.5% to 8.5%, and a net loss of between $80 million to $55 million. On a non-GAAP basis Sunpower is expecting revenue of between $800 million to $850 million, gross margin of 13% to 15%, Adjusted EBITDA (profit) of between $75 million to $100 million, and MW deployed in the range of 420 MW to 450 MW.

For the fiscal year 2017 the company is again tweaking its guidance, but not by much. Sunpower now expects revenue of $1.85 billion to $1.90 billion on a GAAP basis and $2.10 billion to $2.15 billion on a non-GAAP basis, GW (gigawatts) deployed in the range of 1.37 GW to 1.40 GW, and non-GAAP operational expenses of $330 million to $340 million. 

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