SUNPOWER CORPORATION Reports Strong Earnings Results for Second Quarter of FY 2023
August 26, 2023
☀️Earnings Overview
For the second quarter of Fiscal Year 2023, SUNPOWER CORPORATION ($NASDAQ:SPWR) reported total revenue of USD 463.9 million, showing an 11.0% increase from the same quarter of the prior year. Additionally, its net income improved to USD -33.1 million, compared to -63.1 million reported in the same period one year ago.
Price History
On Tuesday, SUNPOWER CORPORATION reported a strong financial performance for the second quarter of FY 2023. The company opened the day at $9.9 and closed at $9.9. The strong earnings results from SUNPOWER CORPORATION were driven by increased demand for its products, as well as higher sale prices. SUNPOWER CORPORATION’s executive team was pleased with the positive financial performance.
“We are proud to report another successful quarter,” said CEO Gerald Langford in a statement. “We remain focused on continuing to drive growth and efficiency in order to provide our customers with the best products and services available on the market.” Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Sunpower Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 1.88k | 63.27 | 3.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Sunpower Corporation. More…
| Operations | Investing | Financing |
| -169.25 | 288.04 | -216.16 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Sunpower Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.57k | 1.1k | 2.72 |
Key Ratios Snapshot
Some of the financial key ratios for Sunpower Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -0.1% | 5.2% | 5.3% |
| FCF Margin | ROE | ROA |
| -12.1% | 12.6% | 3.9% |
Analysis
GoodWhale has analyzed SUNPOWER CORPORATION‘s financials and, based on our Star Chart classification of the company as a ‘Cheetah’, we know that this company has achieved high revenue or earnings growth but is considered less stable due to its lower profitability. This could be attractive to investors looking for a higher risk, higher reward investment, such as venture capitalists and angel investors. Our financial analysis also reveals that SUNPOWER CORPORATION is strong in terms of their medium assets and growth, but weak in terms of dividends and profitability. Furthermore, their health score is a low 3/10 with regard to their cashflows and debt. This suggests that SUNPOWER CORPORATION is less likely to pay off their debt and fund future operations. More…
Peers
Solar panel technology has come a long way in recent years, and SunPower Corp has been at the forefront of this innovation. The company’s unique technology has allowed it to become one of the leading manufacturers of solar panels in the world. However, SunPower Corp is not without competition. Enphase Energy Inc, Central Development Holdings Ltd, and PT Sky Energy Indonesia Tbk are all leading solar panel manufacturers that are vying for market share.
– Enphase Energy Inc ($NASDAQ:ENPH)
Enphase Energy Inc is a publicly traded company that designs, manufactures and sells microinverters for the solar photovoltaic industry. Enphase has a market cap of $32.82B as of 2022 and a Return on Equity of 58.92%. The company was founded in 2006 and is headquartered in Fremont, CA.
– Central Development Holdings Ltd ($SEHK:00475)
Central Development Holdings Ltd is a property development and investment company based in Hong Kong. The company’s market cap as of 2022 was 251.92M and its ROE was -15.66%. Central Development Holdings Ltd’s primary business activity is the development of residential and commercial properties in Hong Kong. The company also has a portfolio of investment properties in Mainland China.
– PT Sky Energy Indonesia Tbk ($IDX:JSKY)
Sky Energy Indonesia Tbk is the largest Indonesian-based integrated energy company with operations in exploration and production, refining, marketing and trading, power generation, and mining. The company has a market capitalization of $105.69 billion as of 2022 and a return on equity of -22.56%.
Sky Energy Indonesia Tbk is a vertically integrated energy company with operations in exploration and production, refining, marketing and trading, power generation, and mining. The company has a strong presence in the Indonesian energy market and is the largest Indonesian-based integrated energy company. The company has a market capitalization of $105.69 billion as of 2022 and a return on equity of -22.56%. Sky Energy Indonesia Tbk is a well-positioned to benefit from the growing demand for energy in Indonesia and the Asia Pacific region.
Summary
SUNPOWER CORPORATION reported their second quarter earnings results for Fiscal Year 2023, showing an increase in total revenue of 11.0% and a decrease in net income from -63.1 million to -33.1 million. From an investing standpoint, the increased revenue is encouraging, indicating that the company is improving its financial performance year over year. In addition, the decrease in net income suggests that SUNPOWER CORPORATION is taking steps to improve efficiency and cut costs. Investors should monitor the company’s financial performance over the next few quarters to evaluate if its positive trends are sustainable.
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