SunPower Stock Surges 15% after 3Q17 Earnings Release
SunPower (SPWR) announced its 3Q17 earnings before market hours on November 2. In this series, we’ll examine SunPower’s 3Q17 results in detail and compare the results with analysts’ estimates. We’ll also explore management’s 2017 guidance, analysts’ expectations, as well as the outlook for the company.
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SunPower’s stock reaction
SunPower posted mixed results in 3Q17. SPWR reported adjusted EPS (earnings per share) of $0.21 against analysts’ consensus LPS (loss per share) estimate of $0.39. However, the company posted $477.2 million in revenues, a decline on a YOY (year-over-year) basis.
SPWR stock closed up nearly 15.7% during an intraday trading session on November 2.
Solar energy stocks weren’t in a good position during most of 2H15 and fiscal 2016. However, 2017 has treated the sector quite well so far.
On November 2, after SunPower’s earnings release, peers NRG Energy (NRG) and Canadian Solar (CSIQ) witnessed rises 4.5% and 4.2%, respectively, in their stock prices. First Solar’s (FSLR) stock price rose nearly 1.2% during the intraday trading session.
The Guggenheim Solar ETF (TAN) that tracks the broad-based solar market closed nearly flat during the intra-day trading session on November 2. The SPDR S&P 500 ETF (SPY) was also roughly flat during the intra-day trading.
In the next part of this series, we’ll look at SunPower’s 3Q17 segmental revenues.