- SunPower Corp SPWR reported third-quarter FY22 revenue growth of 67.9% year-on-year to $475.7 million, beating the consensus of $428 million.
- SPWR added a record 23,000 customers, up 63% Y/Y.
- Non-GAAP gross margin expanded 40 basis points to 22.8%.
- Adjusted EPS of $0.13 beat the consensus of $0.08.
- Adjusted EBITDA grew 23.7% Y/Y to $32.6 million.
- SunPower held $548.4 million in cash and equivalents and used $5.3 million in operating cash flow.
- "In the third quarter, we continued to break records for customer growth and revenue, putting us on track toward the high end of our 2022 guidance for these metrics."
- "Our strategy is working: with our focus on providing a world-class customer experience and industry-leading products, coupled with the right financing options, we are driving strong market share gains and a significant backlog that we believe will benefit us well into 2023," said Peter Faricy, CEO.
- In Q3, crude oil has remained in the high levels range of $76 - $95.
- Outlook: SunPower affirmed 2022 guidance of $90 million - $110 million Adjusted EBITDA.
- Peer company Sunworks SUNW also reported a Q3 Revenue beat as rising energy prices benefited.
- Sunworks CEO Gaylon Morris said, "As household electricity bills continue to rise, order rates for new residential rooftop solar installations accelerated on a year-over-year basis."
- Price action: SPWR shares traded higher by 12.4% at $18.95 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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