SunPower Q1 Profit Tops Estimates

SunPower Corp. (SPWR) reported first quarter non-GAAP net income from continuing operations per share of $0.05 compared to a loss of $0.09, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.01, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $19.1 million, for the quarter. GAAP loss per share from continuing operations was $0.28 compared to profit of $0.12.

First quarter non-GAAP revenue increased to $305.8 million from $295.7 million, previous year. Analysts expected revenue of $305.14 million, for the quarter.

For the second quarter, the company expects GAAP revenue of $295 to $345 million, GAAP net loss of $12 million to $1 million, and adjusted EBITDA in the range of $16 to $27 million.

For fiscal 2021, the company still expects revenue growth of approximately 35 percent. The company's outlook for adjusted EBITDA remains unchanged.

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