Why SunPower's Shares Popped 24.8% Today
Shares of SunPower (NASDAQ: SPWR) jumped as much as 24.8% in early trading Thursday after the company reported third-quarter 2019 results. Shares settled significantly as the day went on and were only up 8.7% at 11:45 a.m. EDT.
Non-GAAP revenue was up 10.9% to $491.7 million, adjusted EBITDA was $42.0 million, and net income was $10.6 million, or $0.07 per share. That compares to guidance of $450 million to $490 million in revenue and adjusted EBITDA of $30 million to $50 million. Analysts were expecting just $0.02 per share in earnings, so that was the biggest surprise today.
Image source: SunPower.
Source Fool.com
