Rising Fuel Prices Are Good For Solar Stocks: SunPower’s Q3 Performance Is Proof – SunPower (NASDAQ:SPWR)

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  • SunPower Corporation SPWR announced revenue growth of 67.9% year-on-year to $475.7 million in the third quarter of FY22, beating consensus by $428 million.
  • SPWR added a record 23,000 customers, up 63% year-on-year.
  • Non-GAAP gross margin increased 40 basis points to 22.8%.
  • Adjusted EPS of $0.13 beat the consensus of $0.08.
  • Adjusted EBITDA increased 23.7% year-on-year to $32.6 million.
  • SunPower held $548.4 million in cash and cash equivalents and used $5.3 million in operating cash flow.
  • “In the third quarter, we continued to break records for customer and revenue growth, putting us on track to top our 2022 guidance for these metrics.”
  • “Our strategy is working: by focusing on delivering a world-class customer experience and industry-leading products, coupled with the right financing options, we are generating strong market share gains and a strong order backlog that, in our view will benefit us through 2023,” said Peter Faricy, CEO.
  • In the third quarter, Crude Oil remained in the range of high levels of $76 to $95.
  • Outlook: SunPower confirmed its 2022 guidance of $90-110 million in adjusted EBITDA.
  • peer society Sunworks SUN also reported higher third-quarter revenue as higher energy prices benefited.
  • Sunworks CEO Gaylon Morris said: “As household electricity bills continue to rise, order rates for new residential rooftop solar installations have accelerated year over year. .”
  • Price Action: SPWR shares traded up 12.4% to $18.95 when last checked on Tuesday.
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