- Sunworks (NASDAQ:SUNW) has come out of the open up 5.1% following Q4 earnings where it edged revenue expectations and replaced its chief executive.
- The company named Charles Cargile its CEO, replacing James Nelson, who will continue on as chairman of the board.
- The company swung to a loss but built a record backlog coming into the new fiscal year. It experienced rainy weather during a normally busy Q4, Nelson said.
- In addition, some losses were noncash adjustments the company does not expect to recur this year.
- Order backlog stood at $48.5M (up 2% Y/Y). The backlog amounted to 15.8 megawatts in orders.
- The company is forecasting a profit for the full year with revenues increasing more than 30%; it expects higher backlog both Y/Y and sequentially at the end of Q1.
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Conference call to come at 10 a.m. ET.
- Press Release