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SunPower doubles net loss in Q3 2018


SunPower doubles net loss in Q3 2018

October 31 (Solar) – SunPower Corp (NASDAQ:SPWR) on Tuesday posted a nearly doubled third-quarter (Q3) net loss compared to a year earlier and made some adjustments to its full-year forecast.

The GAAP net loss expanded to USD 89.8 million (EUR 79.2m) in July-September 2018 from USD 46.2 million a year back, but was an improvement from a USD-447.1-million loss in the second quarter of 2018. The prior-quarter result includes impairment charges of about USD 369.2 million for legacy manufacturing assets.

"We continued to execute on our financial plan as demand for our industry-leading DG solutions, combined with our expense management focus, enabled us to meet our Adjusted EBITDA target for the quarter," said Manavendra Sial, SunPower’s CFO.

The table below gives more details about the company’s performance.

Figures in USD (except percentages) Q3 2018 Q2 2018 Q3 2017
GAAP revenue 428.3m 449.1m 485.8m
GAAP gross margin (%) 2.3 -69.1 4.4
GAAP net profit (loss) (89.8m) (447.1m) (46.2m)
GAAP net profit (loss) per diluted share (0.64) (3.17) (0.33)
Non-GAAP revenue 443.4m 447.2m 533.6m
Non-GAAP gross margin (%) 4.7 11.7 12.8
Non-GAAP net profit (loss) (40.9) (1.9) 29.5m
Non-GAAP net profit (loss) per diluted share (0.29) (0.01) 0.21
Adjusted EBITDA 6.7m 58.6m 67.3m
Net debt 1.254bn 1.083bn 1.499bn

By the first quarter of 2019, the company expects to have concluded the process of re-segmenting its business into an upstream and downstream structure. The goal is to focus downstream efforts on its US distributed generation (DG) business and, at the same time, grow global sales of its upstream solar panel business through the SunPower Solutions group. Those initiatives should improve transparency, unlock shareholder value and help the company regain profitability next year, stated CEO Tom Werner.

During the three-month period, SunPower also closed its takeover of SolarWorld Americas and received an exemption from the Section 201 tariff for its interdigitated back contact (IBC) cell and module technology. The company has taken into consideration these factors when setting its latest fourth-quarter (Q4) and full-year projections, along with expected delays of P-Series equipment sales in the third and fourth quarter. The forecast isavailable in the table below.

Figures in USD (unless otherwise noted) Q4 2018 New 2018
GAAP revenue 460m-510m 1.7bn-1.8bn
GAAP gross margin (%) 2-4 N/A
GAAP net profit (loss) (165m-135m) N/A
Non-GAAP revenue 510m-610m 1.8bn-1.9bn
Non-GAAP gross margin (%) 6-8 N/A
Adjusted EBITDA 0-20m 100m-120m
Megawatts (MW) deployed 425-475 1,450-1,550
Non-GAAP operational expenses N/A 290m
Capital expenditures N/A 100m

(USD 1.0 = EUR 0.882)

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