Solar technology company SunPower (NASDAQ:SPWR) just had an outstanding third quarter. Now, SPWR stock traders are enthusiastically buying shares today. Reportedly, SunPower surpassed Wall Street’s top- and bottom-line estimates. The company also confirmed its optimistic financial outlook for 2022.
How good was Q3 for SunPower? Put it this way: The company added a record 23,000 customers in Q3 2022, marking a 63% year-over-year (YOY) increase.
Furthermore, SunPower’s “new homes business achieved a record number of installed homes” during the quarter. Plus, the company’s financing segment, SunPower Financial, achieved a 49% bookings attach rate in the month of September. That’s impressive during a time of high inflation.
Let’s not miss the point, though. What has SPWR stock investors so excited today is the company’s sales and profit beats. As it turns out, SunPower’s Q3 revenue of $475.7 million surpassed the analyst consensus estimate of $431.1 million. Adjusted EPS of 13 cents per share easily outpaced the forecast for 7 cents as well.
What’s Happening With SPWR Stock?
Given these results, it shouldn’t be too surprising that SPWR stock is heading higher. Specifically, the shares gained as much as 12% this morning before pulling back slightly. As of this writing, the stock is up more than 9%.
This isn’t to suggest that SunPower investors can now just relax and coast for the rest of the year. They still have a lot of catching up to do, as the shares are far below their September peak of around $28.
The future does look bright, however. In its results, SunPower affirmed its full-year 2022 adjusted EBITDA per customer guidance of $2,000 to $2,400. The company also confirmed its forecast of “73,000-80,000 incremental customers, resulting in $90-$110 million Adjusted EBITDA for the year.”
In other words, SunPower’s fourth quarter may be as impressive as Q3, or even better. With such rapid customer additions and financial growth, the company seems unstoppable now. A long-term share-price comeback may be underway.
On the date of publication, David Moadel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.