SunPower Falls on Q2 Results

SunPower

released its fiscal second-quarter earnings results after the closing bell on Wednesday. The company reported EPS of $0.08, which was ahead of analysts' consensus estimates calling for a loss of $0.09. Revenues were $596 million, missing analysts' consensus of $613 million. Looking ahead to the third-quarter, the company said that it sees revenue between $545 million and $620 million. This compares to analysts' consensus of $729 million. Earnings per share are expected to range between a loss of $0.05 to $0.20. This is also below analysts' consensus EPS estimates of $0.01. SunPower also lowered its full-year revenue outlook to $2.4 billion to $2.6 billion versus its prior estimate of $2.6 billion to $3 billion. Currently, analysts' have full-year revenue estimates of $2.7 billion for SunPower. Earnings per share are expected to be at least breakeven, which compares to analysts' estimates for a loss of $0.10. In Wednesday's after hours trading session, the stock was trading down more than 9% to $4.25.