SunPower Corp.SPWR incurred third-quarter 2018 adjusted loss of 29 cents per share, narrower than the Zacks Consensus Estimate of a loss of 45 cents. However, in the year-ago period, the company delivered earnings of 21 cents per share.
Excluding one-time adjustments, the company incurred a GAAP loss of 64 cents per share, wider than the year-ago quarter's loss of 33 cents.
During the quarter under review, SunPower reported adjusted revenues of $443.4 million, which missed the Zacks Consensus Estimate of $473 million by 6.2%. Also, the top line declined 17% from the year-ago figure of $533.6 million.
The downside in revenues was on account of delayed international projects, which resulted in lower-than-expected Performance Series (P-Series) solar panel shipments.
Total operating expenses were down 2.9% to $90 million due to lower research and development expenses as well as impairment of residential lease assets.
SunPower Corporation Price, Consensus and EPS Surprise
SunPower had cash and cash equivalents of $220.8 million as of Sep 30, 2018 compared with $435.1 million as of Dec 31, 2017.
Long-term debt was $591.4 million as of Sep 30, 2018 compared with $430.6 million as of Dec 31, 2017.
In the third quarter, net cash outflow from operating activities was $161.7 million compared with cash outflow of $26.6 million in the year-ago period.
The company expects to generate adjusted revenues in the range of $510-$610 million in fourth-quarter 2018. Adjusted gross margin is estimated in the 6-8% band. The company also anticipates deployment of 425-475 megawatts in the period.
SunPower currently projects 2018 adjusted revenues in the band of $1.8-$1.9 billion compared with prior guidance range of $1.8-$2.2 billion.
SunPower currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Upcoming Solar Releases
Enphase Energy, Inc. ENPH is scheduled to release third-quarter 2018 earnings on Nov 6. The consensus estimates for the bottom line in the quarter to be reported stands at 4 cents per share.
Hanwha Q CELLS Co., Ltd. HQCL is scheduled to release third-quarter 2018 earnings on Nov 9. The Zacks Consensus Estimate for the quarterly earnings is pegged at 6 cents per share.
Canadian Solar Inc. CSIQ is scheduled to release third-quarter 2018 earnings on Nov 15. The consensus mark for the to-be-reported quarter's earnings is 46 cents per share.
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