SunPower (SPWR) reported fourth-quarter results late Wednesday that beat on earnings but missed on revenue, as did its first quarter outlook. SunPower stock fell.
The company reported adjusted earnings of 14 cents per share on revenue of $341.8 million. Wall Street expected SunPower to report earnings of 11 cents a share on revenue of $354.2 million.
SunPower stock dropped 6.2%, near 40.90, during after-hours trading on the stock market today.
For its first quarter, SunPower expects revenue in the range of $270 million to $330 million. The midpoint of $300 million is below analyst estimates of $329 million. However, SunPower now expects to meet or exceed its 2021 guidance provided at its Capital Markets Day.
SunPower Stock: Betting On An Infrastructure Boom
SunPower makes silicon photovoltaic cells and solar panels. It designs, sells, installs and maintains solar systems in settings that range from home rooftops to large, utility-scale power plants. Its worldwide customer base spans residences, businesses, governments, schools and utilities.
The outlook for solar stocks is bolstered by investors speculating on an environmental infrastructure boom. That’s in addition to the election of President Joe Biden, who made investing in green technology a key part of his platform.
SunPower stock is up more than 700% in the past 12 months.
In addition, SolarEdge Technologies (SEDG) reported fourth-quarter results late Tuesday that beat estimates on the top and bottom lines as did its first quarter revenue outlook.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE:
Renewable Energy Stocks Rally On Fresh Commitment To Zero Emissions
Solar Stocks Light Up On Prospect Of Green Energy Boom, More Stimulus
Make Investing Simpler And Profit From Leaderboard
Profit From Short-Term In A Swing Trading Environment
Investing in Stocks 101: The Beginning Investor’s Guide To Making More Mone
View more information: https://www.investors.com/news/technology/sunpower-stock-fourth-quarter-earnings-report-spwr/