SunPower beats by $0.60, beats on revs; guides Q4 (7.13)
- Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, $0.60 better than the Capital IQ Consensus of ($0.39); revenues fell 34.6% year/year to $477.2 mln vs the $383.76 mln Capital IQ Consensus.
- Co issues guidance for Q4, sees Q4 revs of $635-685 mln, may not be comparable to $978.57 mln Capital IQ Consensus Estimate.
- Fourth quarter 2017 GAAP guidance includes the impact of the company's HoldCo asset strategy and revenue and timing deferrals due to real estate accounting as well as the impact of charges related to the company's restructuring initiatives.
- On a non-GAAP basis, the company expects revenue of $800 million to $850 million, gross margin of 13 percent to 15 percent, Adjusted EBITDA of $75 million to $100 million and megawatts deployed in the range of 420 MW to 450 MW.
- "We were pleased with our overall results as our diversified model and solid execution enabled us to exceed our financial forecasts for the quarter," said Tom Werner, SunPower president and CEO. "Our distributed generation business performed well as customer demand for our complete solution products remained strong. As expected, we are seeing continued momentum in our commercial segment as we are realizing the benefits from our investments over the last year. Our third quarter performance reflected the completion of our Toyota headquarters project while traction for our SunPower Helix product continued with bookings from both new and repeat customers. Demand for our high quality, industry leading solutions in our residential business remains robust and is supported by our ability to offer customers multiple financing alternatives for their systems. In power plant, we benefitted from the completion and sale of our 69-megawatt (MW) Gala project while executing on our commitments for the fourth quarter including our 100-MW El Pelicano project in Chile which we expect to be sold this year, and demand in our SunPower Solutions group remains strong, with bookings now exceeding 500 MW.