Sunpower Delivers Another Ho Hum Quarter
EnerTuition • 16 Comments
EnerTuition • 16 Comments
SunPower Analyst Day Disappoints
Growth Stalls At Sunpower
EnerTuition • 46 Comments
EnerTuition • 46 Comments
SunPower - Time To Take Some Profits Off The Table
Sneha Shah • 24 Comments
Sneha Shah • 24 Comments
Wed, Jul. 6, 3:22 PM
- SunPower (SPWR +3.4%) is higher after announcing a deal to sell a controlling equity interest in the 102 MW Henrietta Solar Project in southern California to Southern Co. (SO +0.2%) for an undisclosed amount.
- SPWR began construction on the project in May 2015 and is expecting to complete work by the end of the year.
- PG&E (PCG +0.6%) will purchase the electricity and associated renewable energy credits generated by the facility under a 20-year power purchase agreement.
- The project will integrate several unique innovations such as robotic cleaners for the solar panels that use 75% less water than traditional cleaning methods and can help improve system performance by up to 15%.
- SPWR also enjoys a boost from a UBS upgrade to Buy from Neutral, which says the stock's recent pullback is overdone.
Tue, May 24, 7:41 AM
- Total (NYSE:TOT) and SunPower (NASDAQ:SPWR) say they signed a purchase power agreement to provide 300 GWh/year of solar energy to help power the subway system in Santiago, Chile’s largest city.
- The companies say the deal will make Santiago's subway the first public transport system to operate mostly on solar power.
- SPWR will design and build the 100 MW El Pelicano solar farm, which will provide the power for the Santiago subway network, which serves 2.2M passengers a day; construction will begin this year, with completion expected by the end of 2017.
Thu, May 5, 5:35 PM
- SunPower (SPWR -3.7%) is off another 1.3% in choppy after-hours trade following a Q1 report where its net loss widened substantially and the company guided well below analysts' Q2 targets.
- Net loss on a GAAP basis widened to $85.4M from the prior year's loss of $9.6M. Non-GAAP net loss was $41.2M, compared to a profit of $19.7M a year ago.
- Non-GAAP revenue inched up for the quarter to $433.6M; on a GAAP basis, revenue fell 12.7%. Revenue breakout (GAAP basis): Residential, $151.8M (down 2.3%); Commercial, $52.2M (up 6.5%); Power Plant, $180.8M (down 23.5%).
- The company's guiding to Q2 revenue of $310M-$360M (well below consensus for $688.5M) and EBITDA of break-even to $25M (vs. expected $85.7M). It expects to deploy 360-385 MW.
- For the full year, guidance is unchanged at revenues of $3.2B-$3.4B (vs. $3.27B) and EBITDA of $450M-$500M (vs. consensus for $472.3M).
- Press Release
Thu, May 5, 4:11 PM
Wed, May 4, 5:35 PM
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Wed, Apr. 27, 5:01 PM
- First Solar (NASDAQ:FSLR) blames its Q1 sales miss on "the timing of systems revenue recognition across multiple projects, partially offset by higher revenue from the Desert Stateline project." The Desert Stateline project agreement was amended to include an additional 15% interest in the project, which boosted Q1 EPS but won't impact full-year EPS.
- In addition to slightly improving EPS guidance, First Solar is upping its 2016 gross margin guidance to 18%-19% from 17%-18%, and its op. cash flow guidance to $500M-$700M from $400M-$600M. Capex guidance remains at $300M-$400M, shipment guidance at 2.9GW-3GW, and year-end net cash balance guidance at $1.9B-$2B.
- Metrics: As of today, YTD bookings total 600MW ($300M). Expected future modules shipments + third-party module sales are down by 200MW YTD to 4GW, and expected future systems + third-party module revenue is down by $500M to $6.4B. Potential booking opportunities (mostly early-stage) have risen to 23.3GW from 20.3GW at the time of the Q4 report.
Module production rose 2% Q/Q and 43% Y/y to 774MW. Capacity utilization was 100%, flat Q/Q and up from 87% a year ago. Fleet-average conversion efficiency rose 10 bps Q/Q and 150 bps Y/Y to 16.2%; lead-line efficiency was 16.4%.
- Financials: Gross margin (boosted by the Desert Stateline adjustment) rose to 31% from 24.65 in Q4 and 10.3% a year ago. SG&A spend was roughly flat Y/Y at $67.5M, and R&D spend down 13% to $30.2M. Free cash flow was $12.5M. First Solar ended Q1 with $1.89B in cash and $299M in long-term debt.
- First Solar is down 6.4% after hours to $58.06. SunPower (NASDAQ:SPWR), which reports on the afternoon of May 5, is down 1.3% to $21.80.
- First Solar's results/guidance, earnings release, slides (.pdf)
- Update: First Solar has also announced CFO James Widmar will be replacing James Hughes as CEO on July 1.
Wed, Mar. 23, 3:05 PM
- Like many other energy names, solar stocks are underperforming (TAN -3.8%) on a day oil prices are giving back some of their recent gains. WTI crude is down 4.3% to $39.69/barrel, and Brent crude down 3.2% to $40.45/barrel. The S&P is down 0.6%, and the Nasdaq down 1%.
- SunEdison (down 12.1%) is among the casualties, as liquidity/solvency fears continue surrounding the beaten-up solar/wind project developer. SunEdison yieldcos TerraForm Power (TERP -3.3%) and TerraForm Global (GLBL -4.7%) are also off.
- SolarCity (SCTY -9.6%), which yesterday afternoon announced the closing of a $131M tax equity solar project fund, is also off sharply. Other notable decliners include SunPower (SPWR -7.4%), First Solar (FSLR -4%), Canadian Solar (CSIQ -4.2%), Sunrun (RUN -4.3%), Enphase (ENPH -6.5%), Daqo (DQ -5%), JinkoSolar (JKS -5.9%), Sky Solar (SKYS -11.1%), and former SunEdison acquisition target Vivint Solar (VSLR -11.3%).
Wed, Feb. 24, 1:50 PM
- SolarCity (SCTY +5%), SunPower (SPWR +7%), and Canadian Solar (CSIQ +4.5%) are doing well after First Solar (FSLR +12.9%) beat Q4 estimates (strongly on EPS), slightly lowered its 2016 sales guidance, and reiterated its 2016 EPS guidance.
- The numbers come a week after Canadian soared thanks to a Q4 guidance hike, and two weeks after SolarCity plunged due to a Q4 installation guidance miss and soft Q1 outlook. SunPower fell moderately last Friday after issuing light guidance to go with a Q4 beat.
- Baird's Ben Kallo (Outperform, target hiked by $5 to $74) considers First Solar well-positioned to continue growing margins via efficiency gains and cost reductions. He also notes ~4.5GW of First Solar's ~20.3GW potential bookings pipeline involves mid-to-late stage opportunities, which gives him confidence in the company's ability to fill its order book through 2017.
- Other analysts downplay the sales guidance cut, attributing it to the shifting of projects to 2017 thanks to the ITC tax credit extension. Meanwhile, Oppenheimer's Colin Rusch (Outperform rating, $76 target) sees First Solar "regaining the mantle of solar's cost leader."
- First Solar's results/guidance, Q4 details
Thu, Feb. 18, 12:53 PM
- Though SunPower (SPWR -3.5%) beat Q4 estimates, the company is guiding for 2016 revenue of $3.2B-$3.4B, below a $3.42B consensus. GAAP net income guidance is at $0-$50M, and non-GAAP gross margin is expected to drop to 14%-16% from 2015's 23.9%. Deployments are expected to rise to 1.7GW-2GW from 2015's 1.15GW.
- Q1 guidance is for revenue of $290M-$340M (below a $675.7M consensus), a GAAP net loss of $90M-$115M, and a non-GAAP gross margin of 12%-13%. The timing of revenue recognition for solar project sales can lead to big quarterly and annual sales fluctuations.
- CEO Tom Werner was upbeat in his PR quotes: "In the power plant segment for the fourth quarter, we successfully met our project commitments, added to our pipeline and further built out our U.S. HoldCo asset base ... In North America, our [residential] performance was solid as our fourth quarter results exceeded plan, we gained market share and broadened our leasing footprint as megawatt installed growth exceeded 45 percent year over year ... In our commercial segment, we are well positioned for 2016, having added projects to our backlog and building our pipeline to over $1 billion."
- Q4 details: Power plant revenue rose over 3x Y/Y to $1.05B (project timings). Commercial revenue rose 28% to $134.9M. Residential revenue fell 2% to $177.4M. 356MW of solar cells were produced vs. 361MW in Q3 and 313MW a year ago. MW recognized rose to 348MW from 208MW in Q3 and 294MW a year ago.
Lifting EPS: Non-GAAP gross margin rose to 28.8% from 17.7% in Q3 and 8.3% a year ago. GAAP operating expenses rose 25% Y/Y to $138.3M. SunPower ended Q4 with $954M in cash, $500M in debt, and $1.11B in convertible debt. The company's project pipeline is now above 14GW.
- Baird's Ben Kallo (Outperform rating, $44 target): "SPWR had strong Q4 results which exceeded estimates, partially due to the recognition of [the 50MW Hooper project] in Q4:15 instead of Q1:16, which caused SPWR to adjust 2016 guidance. Importantly, SPWR continues to see growing demand across all customer classes, and is confident in its ability to capture market share through capacity expansions and cost reductions. SPWR remains our favorite solar pick given its pipeline, technology, and balance sheet, and we would be buyers at current levels."
- Deutsche's Vishal Shah (Buy rating, $37 target) notes management talked up the positive impact of the ITC extension on the earnings call, as well as the potential for module share gains as SunPower invests in its its P Series module line. SunPower plans to up its annual module production capacity to ~4GW over the next several years; 2016 capacity guidance is at 1.85GW.
- SunPower's Q4 results, earnings release, slides (.pdf), datasheet (.pdf)
Wed, Feb. 17, 4:09 PM
Tue, Feb. 16, 5:35 PM| Tue, Feb. 16, 5:35 PM
Tue, Feb. 16, 2:36 PM
- Solar stocks are among the standouts (TAN +6.4%) as the Nasdaq rises 2.1% and the S&P 1.6%. The gains come after Canadian Solar (up 16.6%) hiked its Q4 sales, module shipment, and gross margin guidance.
- SunEdison (SUNE +20.6%), clobbered last week amid a temporary asset sale restraining order that further stoked bankruptcy fears, is rebounding. The gains come in spite of a downgrade to Neutral from BofA/Merrill's Krish Sankar, who's worried about a mixture of financing, legal, and execution issues.
- Yingli (YGE +15.9%), another company that has seen its share of solvency fears, is also up strongly. Other big gainers include SunPower (SPWR +11.2%), SolarCity (SCTY +6.2%), JinkoSolar (JKS +11.6%), Trina (TSL +7.5%), 8point3 Energy (CAFD +8.4%), Enphase (ENPH +7.7%), Daqo (DQ +7.2%), JA Solar (JASO +6.9%), Sky Solar (SKYS +7.5%), and SunEdison acquisition target Vivint Solar (VSLR +9.5%).
- Five days ago: Solar stocks hammered again; SunEdison tumbles after lawsuit
Thu, Feb. 11, 2:12 PM
- The Nasdaq is down 1%, the S&P is down 1.7%, and energy stocks are under pressure as WTI crude falls below $27/barrel. All of that has spelled more pain for solar stocks - the Guggenheim Solar ETF (TAN -5.6%) is at levels last seen in 2013.
- The selloff comes a day after SolarCity plummeted in response to a Q4 installation miss and soft Q1 guidance - SolarCity (down 14.4%) is adding to its losses today following a Barclays downgrade, as is rival Sunrun (down 15.2%).
- Meanwhile, hard-luck SunEdison (SUNE -13.8%) is off sharply today following news shareholders of hydro/wind power developer Latin American Power have sued the company, stating they need a court order to protect SunEdison's assets while they pursue a $150M arbitration claim. SunEdison struck a deal to buy Latin American Power in May, but the agreement was later terminated.
- SunEdison acquisition target Vivint Solar (VSLR -12.1%) and SunEdison yieldco TerraForm Power (TERP -6.4%) are also among today's casualties, Other major solar decliners: SunPower (SPWR -6.2%), Canadian Solar (CSIQ -7.6%), Enphase (ENPH -6.1%), and Solar3D (SLTD -5.7%).
Wed, Feb. 10, 9:15 AM
Tue, Feb. 9, 6:13 PM
- In addition to First Solar and Sunrun, SunEdison, SolarEdge, SunPower, and Canadian Solar are lower after SolarCity (down 32.6%) missed its Q4 installation guidance and offered a weaker-than-expected Q1 forecast.
- SunEdison (NYSE:SUNE), set to acquire SolarCity rival Vivint Solar, is down 6.1%. SolarEdge (NASDAQ:SEDG), which counts SolarCity as a major client, is down 6.6%. SunPower (NASDAQ:SPWR) is down 4.2%, and Canadian Solar (NASDAQ:CSIQ) down 3.5%.
- SunEdison, SunPower, and Canadian are expected to post Q4 results in the coming weeks. SolarEdge beat FQ2 estimates and issued strong FQ3 guidance last week.
Mon, Feb. 8, 2:37 PM
- Many tech stocks are seeing 6%+ losses as investors flee to safety yet again. The Nasdaq is down 3.4%, and the S&P 2.7%.
- As was the case on Friday following Tableau and LinkedIn's disappointing guidance, a slew of enterprise tech stocks are seeing big losses, with cloud software and security tech names well-represented on the casualty list.
- Also: Solar stocks are having another brutal day (TAN -6.7%) as energy stocks get routed amid fears Chesapeake Energy is close to bankruptcy. WTI crude oil is once more near $30/barrel.
- Enterprise software decliners: Adobe (ADBE -9.6%), Paylocity (PCTY -19.1%), Salesforce (CRM -9.9%), Workday (WDAY -12%), Guidewire (GWRE -12.5%), ServiceNow (NOW -11.5%), Zendesk (ZEN -13.8%), Paycom (PAYC -13.4%), Marin Software (MRIN -10.3%), Castlight (CSLT -8.4%), Cornerstone OnDemand (CSOD -12.1%), Atlassian (TEAM -13.2%), inContact (SAAS -9.6%), and Bazaarvoice (BV -14.5%).
- Enterprise security decliners: Palo Alto Networks (PANW -12.2%), FireEye (FEYE -9.8%), CyberArk (CYBR -11.5%), Proofpoint (PFPT -12.7%), Qualys (QLYS -8.9%), Imperva (IMPV -9.7%), Rapid7 (RPD -9.4%), and Barracuda (CUDA -8.4%).
- Solar decliners: SunEdison (SUNE -11.3%), SunPower (SPWR -8.8%), JinkoSolar (JKS -7.6%), SolarEdge (SEDG -7.9%), Yingli (YGE -7.1%), TerraForm Power (TERP -10.7%), and TerraForm Global (GLBL -9.2%).
- Other major decliners: Micron (MU -9.1%), Western Digital (WDC -10.5%), Arista (ANET -10.9%), Universal Display (OLED -10.6%), Rackspace (RAX -11.3%), Fitbit (FIT -8.7%), Nimble Storage (NMBL -11.3%), Sierra Wireless (SWIR -9.9%), Rocket Fuel (FUEL -9.8%), Knowles (KN -9%), Mitel (MITL -8.9%), and Alarm.com (ALRM -8.9%).
- Previously covered: Yelp, Cognizant, Tableau, Globant, Ambarella, European tech stocks
SunPower Corp. provides solar products and services. The company designs, manufactures, and delivers solar electric systems to residential, commercial and utility-scale power plant users. SunPower was founded by Thomas L. Dinwoodie, Robert Lorenzini and Richard M. Swanson in April 1985 and is... More
Industry: Semiconductor - Specialized
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