SunPower: 2Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ SunPower Corp. (SPWR) on Wednesday reported second-quarter net income of $121.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had profit of 75 cents. Losses, adjusted for one-time gains and costs, were 22 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.
The solar products and services company posted revenue of $436.3 million in the period. Its adjusted revenue was $481.9 million.
For the current quarter ending in October, SunPower said it expects revenue in the range of $450 million to $490 million. Analysts surveyed by Zacks had expected revenue of $502.1 million.
The company expects full-year revenue in the range of $1.9 billion to $2.1 billion.
SunPower shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.69, an increase of 61% in the last 12 months.