Why SunPower Shares Popped Today

Shares of solar panel manufacturer SunPower (NASDAQ: SPWR) jumped as much 37.2% in early trading Thursday after reporting second-quarter 2019 results. At 11:20 a.m. EDT, the stock was up 33.9%. 

Quarterly revenue was $436.3 million and net income was $121.5 million, or $0.75 per share after including a $137.3 million gain on a business divestiture and a $67.5 million gain on an equity investment. On a non-GAAP (adjusted) basis, revenue was $481.9 million, gross margin was 10.5%, adjusted EBITDA was $8 million, and the net loss was $31.1 million, or $0.22 per share. 

Image source: SunPower.

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