Maxeon Solar Technologies Slips To Loss In Q1, But Tops Estimates

(RTTNews) - Solar energy company Maxeon Solar Technologies Ltd (MAXN) reported Thursday a net loss attributable to the stockholders for the first quarter of $80.15 million or $1.59 per share, compared to net income of $20.27 million or $0.46 per share in the prior-year quarter.

Revenues for the quarter declined to $187.46 million from $318.33 million in the same quarter last year.

On average, five analysts polled by Thomson Reuters expected the company to report a loss of $1.80 per share on revenues of $229 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company expects revenues between $160 million and $200 million on shipments in a range of 520 to 600 Mega Watts (MW). Analysts expect revenues of $193.90 million for the quarter.

For fiscal 2024, the company projects revenues between $640 million and $800 million. The Street is looking for revenues of $1.12 billion for the year.

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