SPWR/Batman - The reaction is a little harsh, I think.
SunPower (NASDAQ:SPWR): Q4 Non-GAAP EPS of $0.23 in-line; GAAP EPS of $0.03 beats by $0.15.
Revenue of $607M (+15.5% Y/Y) misses by $7.98M.
SunPower (NASDAQ:SPWR) -5.8% after-hours after slightly missing expectations for both Q4 earnings and revenues and issuing in-line guidance for FY 2020 revenues.
Q4 residential revenue rose to a record with 27% MW growth vs. the year-ago quarter, and global shipment volumes gained more than 80% Y/Y to a record.
SunPower sees full-year revenues of $2.1B-$2.3B vs. $2.28B analyst consensus estimate; for Q1, the company forecasts revenues of $435M-$470M vs. $409M consensus, as well as gross margin of 9%-12%, adjusted EBITDA flat to negative 15M and MW deployed of 520-570 MW.
As a result of the restructuring of its commercial direct business, SunPower forecasts FY 2020 adjusted EBITDA of $125M-$175M.
SPWR is at $1.5Bn at $9 so 10x 2020 earnings is not something I'd throw away. Not every company is like TSLA and fudges the books to make every quarter look great. If SPWR thought they'd deliver a $20M project ($500M/qtr in sales) by Dec 31st and it got delayed until Jan 15th - then they take a sales hit but it doesn't impact their long-term growth trends.
| Year End 30th Dec | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | TTM | 2019E | 2020E | CAGR / Avg |
|---|---|---|---|---|---|---|---|---|---|---|
|
$m
|
2,507 | 3,027 | 1,576 | 2,553 | 1,794 | 1,726 | 1,717 | 2,010 | 2,257 | -7.19% |
|
$m
|
159 | 251 | -206 | -372 | -1,025 | -849 | -256 | |||
|
$m
|
95.6 | 246 | -187 | -449 | -929 | -811 | -141 | -45.0 | 22.9 | |
|
$
|
0.688 | 1.55 | -1.39 | -3.25 | -4.49 | -5.76 | -1.13 | |||
|
$
|
0.701 | 1.62 | -1.36 | -2.57 | -1.48 | -3.15 | -1.10 | -0.307 | 0.140 | |
|
%
|
+131 | |||||||||
|
x
|
78.1 | |||||||||
|
|
0.514 | |||||||||
| Profitability | ||||||||||
SPWR split back in 2015, it's not like they lost revenues, they pursued a different path and have been growing well since reorganizing in 2017 and they remain on track.
