SunPower Jumps 15.5% Today on Strong Earnings
Shares of residential solar company SunPower (NASDAQ: SPWR) jumped as much as 15.5% in trading on Tuesday after the company reported second-quarter 2022 financial results. Shares are still up 14.1% at 12:20 p.m. ET and show no signs of stopping.
Management said SunPower added 19,700 customers in the second quarter, up 51% from a year ago, and revenue jumped 63% to $417.8 million. Its non-GAAP (adjusted) gross margin of 21.3% was the sixth time in seven quarters SunPower reported a gross margin of 20% or more.
Net loss was $42.5 million under generally accepted accounting principles (GAAP), but the company reported a net income of $5.2 million, or $0.03 per share. For the full year, management expects $2,000 to $2,400 in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) per customer, which means $90 million to $110 million in total adjusted EBITDA for the year. That's consistent with the prior outlook, but investors seem relieved that results are hitting expectations.
Source Fool.com
