Sunpower share with upward thrust after quarterly figures
Post date: 12/05/2019 - 20:59
After the US solar group Sunpower Corporation presented its results for the first quarter of 2019 last Thursday, the company’s share price rose significantly despite the rather modest results. On Friday morning the price was $7.26, two hours later $8.42 dollars - a plus of 16 percent. At close of trading, the share was quoted at $8.20, almost 13 percent higher than on the previous day.
When announcing the quarterly figures, Sunpower’s board estimated that the company could leave the loss zone in the second quarter of this year and probably exceed its previous forecasts for the year as a whole. For the second quarter, Sunpower is forecasting sales of $370 to $410 million and a result between zero and a slight profit of $20 million. This compares to revenue of only $348.2 million in the first quarter, 23.8 percent less than in the fourth quarter of 2018 ($456.8 million) and 11.2 percent less than in the same period last year ($391.9 million). However, the net loss of $104.6 million is already a significant increase of 39.2 percent compared to a loss of $172.1 million in the fourth quarter of 2018; the loss of $147.6 million in the same quarter of the previous year was also significantly higher.