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SunPower: 2Q Earnings Snapshot

July 31, 2019

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.

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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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