reported first-quarter 2022 adjusted earnings of 2 cents per share, which lagged the Zacks Consensus Estimate of 3 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 5 cents per share.
Excluding one-time adjustments, the company reported a GAAP loss of a penny compared with the prior-year quarter’s loss of 28 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $336.1 million, while its GAAP revenues were $350.3 million. Revenues surpassed the Zacks Consensus Estimate of $334 million by 0.7%.
Moreover, the adjusted top line improved by 41.3% from the year-ago quarter’s $237.9 million.
Total operating expenses in the quarter increased 75.1% year over year to $82.9 million. Higher SG&A expenses and research and development expenses led to the upside.
SunPower had cash and cash equivalents of $142.3 million as of Apr 3, 2022 compared with $127.1 million as of Jan 2, 2022.
The long-term debt was $0.3 million as of Apr 3, 2022 compared with $0.4 million as of Jan 2, 2022.
For 2022, SPWR continues to expect adjusted EBITDA in the range of $90-$110 million, while residential customers are projected in the range of 73,000-80,000.
SunPower currently has a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Recent Solar Releases
reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.
First Solar, Inc
reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined by 54.3% from the year-ago quarter’s $803.4 million.
Upcoming Solar Release
: The Zacks Consensus Estimate for ReneSola’s first-quarter earnings is pegged at a loss of 6 cents per share.
The Zacks Consensus Estimate for ReneSola’s first-quarter sales, pegged at $3.9 million, suggests a decline of 82.7% from the prior-year figure. SOL has a four-quarter earnings surprise of 94.17%, on average.
Just Released: Zacks Top 10 Stocks for 2022
In addition to the investment ideas discussed above, would you like to know about our 10 top buy-and-hold tickers for the entirety of 2022?
Last year’s 2021
Zacks Top 10 Stocks
portfolio returned gains as high as +147.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report