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Sunworks +3.8% as Q4 revenues top expectations

Mar. 12, 2019 5:50 PM ETSunworks, Inc. (SUNWQ) StockBy: Jason Aycock, SA News Editor
  • Sunworks (NASDAQ:SUNW) is up 3.8% after hours following a beat in its Q4 revenues and what would have been a narrow profit without a goodwill impairment.
  • Revenues fell fractionally, and the company lost $1.8M as reported. That included a $1.9M noncash charge, however, and net income would have been $51,000 without it.
  • Gross margin was 18.6%, the highest in six quarters.
  • Backlog of projects scheduled for installation in the next 12 months was $46.1M.
  • For Q1, the company's guiding to seasonally slow revenues exacerbated by unusually rainy California weather: similar to the prior year, about $13M, but increasing throughout 2019.
  • It expects a Q1 loss but positive net income in subsequent quarters this year.
  • Previously: Sunworks beats on revenue (Mar. 12 2019)
  • Press release

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