SunPower (SPWR) Tops Q4 EPS by 7c, Revenues Miss

SunPower (NASDAQ: SPWR) reported Q4 EPS of $0.14, $0.07 better than the analyst estimate of $0.07. Revenue for the quarter came in at $341.8 million versus the consensus estimate of $355.84 million.

"2020 was a transformational year for SunPower: we successfully completed the spin-off of Maxeon, significantly improved our financial performance and rapidly shifted our sales strategy to meet increasing U.S. demand as consumers and businesses look to generate and store their own energy. Entering 2021, we are continuing to focus our efforts and investment on those markets that offer us strong growth potential — storage and energy services," said Tom Werner, SunPower CEO and chairman of the board. "We also finished the year with strong execution as we exceeded our GAAP net income and Adjusted EBITDA guidance, expanded our margins, strengthened our balance sheet and generated positive cash flow. Looking forward, with favorable industry tailwinds, increasing demand for our innovative solar solutions and further investment to significantly expand our solar and storage addressable market, we believe we are positioned to accelerate our growth through 2022 and beyond."

GUIDANCE:

SunPower sees Q1 2021 revenue of $270-330 million.

The company's first quarter and fiscal year 2021 guidance is as follows:

First quarter GAAP revenue of $270 to $330 million, GAAP net loss of $20 million to $10 million, MW recognized of 115 MW to 145 MW and Adjusted EBITDA in the range of $10 to $20 million.

For fiscal year 2021, given the confidence it has in its business coming into the year, the company expects to meet or exceed its 2021 guidance provided at its Capital Markets Day including revenue growth of approximately 35% and MW recognized growth of approximately 25%.

Given strong industry tailwinds, continued federal policy support as well increased demand for its residential and commercial storage solutions, the company expects 2022 Adjusted EBITDA growth of more than 40%.

For earnings history and earnings-related data on SunPower (SPWR) click here.

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