Published on 21 Feb 2024 on Zacks via Yahoo Finance

SunPower's (SPWR) Q4 Earnings Miss, Revenues Decline Y/Y

Shares of SunPower Corporation SPWR declined 18.9% to $3.47 on Feb 20, following the company’s recent quarterly report release.  The company reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.Including one-time adjustments, the company reported a GAAP loss of 66 cents per share against the prior-year quarter’s earnings of 3 cents.For 2023, the company reported an adjusted loss of 91 cents per share against earnings of 17 cents generated in 2022.

Revenues

During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million.The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.For 2023, Sunpower reported adjusted revenues of $1.69 billion, which decreased 3.4% from $1.75 billion reported in the year-ago period.