Millions of People Will Soon Be Blindsided. Will You Be One of Them?

On April 20 at 7 p.m. ET, Louis Navellier and Matt McCall will reveal an event that’s about to rock the stock market and how you could use it to beat the markets by nearly 11X.

Tue, April 20 at 7:00PM ET

SunPower Corporation (SPWR) Stock Falls After Hours on Lower Guidance

SunPower Corporation (NASDAQ:SPWR) beat earnings expectations, but lowered its guidance, causing shares to slip.

SunPower Corporation (SPWR)The solar power services provider posted second-quarter earnings of a 35-cent-per-share loss, ahead of the 46-cent loss that analysts polled by Zacks Investment Research expected. Revenue came in at $341.5 million, or $337.4 million on an adjusted basis, topping the consensus estimate of $305 million.

“Our strong execution enabled us to meet our financial goals for the quarter despite the continued challenging industry conditions,” Tom Werner, SunPower chief executive, said in a statement.

For its third quarter, the company expects revenue to be in the range of $320 million to $370 million, well below the Wall Street projection of $678 million. Gross margin is expected to be in the range of 5% to 7%, while adjusted EBITDA is expected to be between breakeven and $20 million for the period.

GAAP restructuring charges are now slated to be in the range of $20 million to $60 million a year. The update was caused by an adjustment of its Mexico projects schedule.

SunPower predicts fiscal-year revenue of $2.1 billion to $2.3 billion, which is lower in the top end as it previously expected revenue in the range of $2.1 billion to $2.6 billion. Earnings for the full year are expected to be in the range of a loss of $120 million to a loss of $100 million.

SPWR shares rose 2.2% during the day, but fell 3.4% after the bell.

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC