SunPower: 3Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ SunPower Corp. (SPWR) on Tuesday reported a loss of $89.8 million in its third quarter.
On a per-share basis, the San Jose, California-based company said it had a loss of 64 cents. Losses, adjusted for non-recurring costs and stock option expense, came to 29 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 45 cents per share.
The solar products and services company posted revenue of $428.3 million in the period. Its adjusted revenue was $443.4 million.
For the current quarter ending in December, SunPower said it expects revenue in the range of $510 million to $610 million. Analysts surveyed by Zacks had expected revenue of $698.3 million.
The company expects full-year revenue in the range of $1.8 billion to $1.9 billion.
SunPower shares have declined 26 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.25, a decrease of 11 percent in the last 12 months.