Shares of SunPower Corp.
SPWR,
tumbled 12.9% toward a 3 1/2-year low in premarket trading Wednesday after the solar energy provider reported downbeat third-quarter results and cut its full-year outlook, citing lower-than-expected consumer demand and delayed revenue recognition from longer cycle times. The company swung to a net loss of $31.95 million, or 18 cents a share, from net income of $135.19 million, or 72 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 12 cents missed the FactSet loss consensus of 1 cent. Revenue fell 9.3% to $432.0 million, below the FactSet consensus of $453.5 million. The company cut its 2023 guidance ranges for residential customers to 70,000 to 80,000 from 70,000 to 90,000 and for adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) to negative $35 million to negative $25 million from positive $55 million to $75 million. The disappointing results and outlook comes a week after the company said it would have to restate financials due to accounting errors. The stock, which is on track to open at the lowest price seen since April 2020, has plunged 56.7% over the past three months through Tuesday while the S&P 500
SPX,
has declined 8.4%.
