SunPower Shines on Earnings, Misses on Guidance
SunPower (NASDAQ: SPWR), the second largest U.S. solar panel maker, reported results after the close, with the company beating lowered expectations but issuing a cautious guidance outlook.
Earnings came in at $0.28 per share, topping analysts forecasts of $0.25. Revenues were $621.1 million, a drop of nearly 4.5 percent year over year, but still eclipsing the $596 million consensus.
In issuing guidance, SunPower said it expects to earn between $0.15 and $0.35 per share on revenue of $600 million to $650 million in the third quarter. Most analysts were looking for $0.30 per share on $660 million in sales.
Full year guidance was also at the lower end of the expected range of $1.15 and $1.40 a share in earnings and revenue of $2.50 to $2.65 billion. Analysts were looking for $1.30 a share and revenue of approaching $2.6 billion.
Shares of SunPower were trading lower at 34.80 after hours, a nearly five percent drop from the closing price of 36.73.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.