SunPower (NASDAQ:SPWR) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1%.
SunPower Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 500% to $0.48 in the quarter versus EPS of $0.08 in the year-earlier quarter.
Revenue: Decreased 3.26% to $576.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SunPower reported adjusted EPS income of $0.48 per share. By that measure, the company beat the mean analyst estimate of $0.11. It missed the average revenue estimate of $579.48 million.
Quoting Management: “SunPower’s strong results in the second quarter reflect solid operational execution, as well as continued demand for our high efficiency systems in both the power plant and distributed generation channels across all major geographies,” said Tom Werner, SunPower president and CEO. “Our North American business continues to be the cornerstone of our success as we completed panel installation at the California Valley Solar Ranch (CVSR) with full project completion expected by year end. Construction of the 579-megawatt (NYSE:MW) Solar Star Projects for MidAmerican Solar continues. Additionally, we strengthened our position as the leader in the commercial market booking $100 million in commercial projects in the second quarter. In the residential business, demand continues to be solid with $150 million in new lease capacity financing, SunPower is well positioned for success in the second half of the year.”
Key Stats (on next page)…