AP NEWS

SunPower: 2Q Earnings Snapshot

July 30, 2018

SAN JOSE, Calif. (AP) _ SunPower Corp. (SPWR) on Monday reported a loss of $447.1 million in its second quarter.

On a per-share basis, the San Jose, California-based company said it had a loss of $3.17. Losses, adjusted for asset impairment costs and non-recurring costs, were 1 cent per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.

The solar products and services company posted revenue of $449.1 million in the period. Its adjusted revenue was $447.2 million.

For the current quarter ending in October, SunPower said it expects revenue in the range of $450 million to $500 million. Analysts surveyed by Zacks had expected revenue of $577.5 million.

The company expects full-year revenue in the range of $1.8 billion to $2.2 billion.

SunPower shares have dropped 20 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.78, a drop of 40 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPWR at https://www.zacks.com/ap/SPWR

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