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SunPower reports 15% drop in revenues for fiscal Q4

US solar panel maker SunPower Corp (NASDAQ:SPWR) said on Wednesday its GAAP net profit for its fourth fiscal quarter ended January 3, 2021 zoomed to USD 412.5 million (EUR 341.8m) on a yearly basis but revenues fell regardless of rising demand in its home market. SunPower saw its revenues decline to USD 341.8 million from USD 401.6 million a year back. On a non-GAAP basis, excluding some USD 416.5 million related to a mark-to-market gain on equity investments, the solar equipment manufacturer booked a net profit of USD 26.6 million, down from USD 36.4 million a year earlier but in line with the forecast. The non-GAAP bottom line result in the previous quarter was a loss of USD 6.5 million. SunPower’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) went down to USD 38.6 million. Adjusted EBITDA also fell for the full fiscal year but was higher than the company’s projections. Although the spin-off of Maxeon Solar Technologies (NASDAQ:MAXN) in September took a big chunk of the US solar company’s revenue, its full-year revenues improved and its net profit rose. On a non-GAAP basis, the company registered a loss of USD 12.3 million for the full fiscal year, narrowing its year-ago deficit of USD 18.4 million.

“We also finished the year with strong execution as we exceeded our GAAP net income and Adjusted EBITDA guidance, expanded our margins, strengthened our balance sheet and generated positive cash flow,” said CEO Tom Werner.

In 2022, the US firm anticipates adjusted EBITDA growth of over 40%. “Looking forward, with favorable industry tailwinds, increasing demand for our innovative solar solutions and further investment to significantly expand our solar and storage addressable market, we believe we are positioned to accelerate our growth through 2022 and beyond,” Werner said.

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