L R AS Published on Sunday 25 August 2019 - n° 286 - Categories:company results
SunPower still in a loss position in the 2nd quarter and for the 2019 financial year
In the second quarter, SunPower generated GAAP revenues of $436 million (up 25% in the first quarter and down 3% in the comparable period of 2018). The company deployed 622 MW (+37% in the first quarter). Gross margin
GAAP is positive 4.5% (compared with a negative 10.7% in the first quarter). GAAP profit was $121 million (compared with a loss of $90 million). Under non-GAAP accounting, there would be a net loss of $31 million.
The company sees these results as proof of the success of its strategic transformation: that of abandoning the large power plant business, with a refocus on residential and commercial-industrial panel installation, integrating storage and digital services. Services are set to become an important driver of long-term profit growth. The storage portfolio reaches 135 MW for commercial and industrial customers. Storage accounts for 35% of sales to commercial customers. SunPower's residential storage offering will be marketed in the second half of the year.
For the third quarter, the company expects GAAP revenues of $430 to $470 million with 550 to 600 MW deployed, a gross margin of 8 to 12% and a loss of $35 to $55 million. For the full year 2019, GAAP revenues would be $1.8 to $2.1 billion, operating income would be $100 to $120 million, with a loss of up to $20 million.
GreenTech Media July 31
Editor's note When will SunPower return to profit?
