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SunPower shares slump after solar company reduces annual outlook

Investing.com -- Shares in SunPower (NASDAQ:SPWR) sank on Wednesday after residential solar panel group reduced its annual financial guidance, citing lower-than-anticipated consumer demand and delayed revenue recognition.

In a preliminary earnings update, the California-based company said it now expects to incur a full-year net loss of between $165 million - $175 million, down from its prior estimate for a loss of $70M - $90M.

Expectations for adjusted earnings before interest, tax, depreciation and amortization were also revised to predict a 2023 loss of $25M - $35M. SunPower had previously forecast positive earnings of $55M - $75M.

Chief Executive Officer Peter Faricy said in a statement that while there has been "industry-wide softness," there have been "positive signs" in September and early October, including the firm's highest-ever month for storage sales and improving demand. However, he noted that the trading environment for the business continues to be "difficult."

SunPower posted an 8% decline in third-quarter adjusted revenue to $432.2M, missing Bloomberg consensus projections of $456.5M, as well as an adjusted loss before interest, taxes, depreciation and amortization of $78M. Analysts had been looking for a profit of $24.4M.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.