SunPower (SPWR) - Get Report shares brightened investors' day, leaping more than a third as the solar-energy-equipment provider swung to a second-quarter profit from a year-earlier loss on slightly lower revenue.
The shares were trading up 35% at $15.77.
The San Jose-based company earned 75 cents a share in the quarter, compared with a year-earlier loss of $3.17 a share. On an adjusted basis, SunPower reported its second-quarter loss widened to 22 cents a share from 1 cent a share.
Shares outstanding climbed 18% to 166.8 million.
Revenue slipped 2.9% to $436.3 million. The latest adjusted revenue was $481.9 million.
Analysts surveyed by FactSet were estimating a loss of 19 cents a share on revenue of $439.6 million.
Deployments advanced 30% in North American residences and 50% in businesses, both from the first quarter, SunPower said in a statement.
Megawatts deployed jumped to 622, up 37% sequentially from the first quarter and up 62% from the year-earlier second period.
For the full year, SunPower expects a bottom-line result ranging from break-even to a loss of $20 million. Revenue should come in between $1.8 billion and $2 billion.
Analysts are calling for a 2019 loss of 43 cents a share on sales of $1.97 billion.
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