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SunPower Q3 Results Top Estimates; Stock Up 13%
(RTTNews) - SunPower Corp. (SPWR) announced Tuesday that net income attributable to stockholders for the third quarter was $139.41 million or $0.74 per share, compared to a net loss of $84.38 million or $0.49 per share in the prior-year quarter.
Excluding items, adjusted net income from continuing operations for the quarter was $0.13 per share, compared to $0.12 per share last year.
Total revenue for the quarter soared to $475.71 million from $283.31 million in the same quarter last year. Adjusted revenue was $469.82 million.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share on revenues of $428.0 million for the quarter. Analysts' estimates typically exclude special items.
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SunPower CEO Peter Faricy Departs
SunPower Corp. (SPWR), a residential solar technology and energy services provider,?announced Tuesday that Chief Executive Officer Peter Faricy has departed the Company, effective February 26, 2024. The Board is conducting a comprehensive search process to identify a permanent CEO.
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SunPower Says Q2 Preliminary Revenue Down 11% To $464 Mln
While providing preliminary unaudited financial results for the second quarter on Wednesday, SunPower Corp. (SPWR) reported a net loss of $30 million on revenues of $464 million, up 11 percent year-over-year. Customer growth was of 20,400 new customers.
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SunPower Q1 Adj. Loss Misses Estimates
SunPower Corp. (SPWR) announced Tuesday that net loss attributable to stockholders for the first quarter was $50.68 million or $0.29 per share, wider than net loss of $27.87 million or $0.16 per share in the prior-year quarter.
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South Korea Rate Decision On Tap For Thursday
The Bank of Korea will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The BoK is expected to keep its benchmark lending rate steady at 2.50 percent.
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Canadian Dollar Advances Against Majors
The Canadian dollar firmed against its major counterparts in the New York session on Wednesday.
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Swiss Market Ends Slightly Weak
The Switzerland market edged down marginally on Wednesday after a cautious session, as investors looked for directional clues.
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Major European Markets Close Weak; UK Market Outperforms
The major European markets closed mostly lower on Wednesday as investors reacted to earnings updates and other corporate news, in addition to following the developments on the trade front and digesting geopolitical news.
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Bay Street Likely To Open On Mixed Note
Canadian stocks may open on a mixed note on Wednesday, tracking commodity prices and quarterly earnings announcements. The mood is likely to remain cautious amid tariff concerns, and uncertainty about the outlook for interest rate cuts next week.
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