SunPower Slides After Disclosing Plans to Restate Earnings [BNN Bloomberg (Canada)]
SunPower Corporation (SPWR)
Last sunpower corporation earnings: 2/12 04:05 pm
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investors.sunpower.com
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Source: BNN Bloomberg
The rooftop solar company expects the revisions related to misclassifying sales commissions and other costs to decrease 2022 and 2023 income from continuing operations by $15 million to $25 million, according to a filing Tuesday. The shares tumbled as much as 17%, the steepest intraday loss since December, before clawing back most of that decline. The revision comes at a difficult time for the company. SunPower replaced its top executive this year and defaulted on a credit agreement in late 2023 after an earlier earnings revision that delayed results. SunPower had to raise $200 million to ease a cash crunch and in January announced plans to restructure operations to reduce costs. “We ultimately expect this to drive more investor concern on potential covenant violations/overall mgmt. credibility given the continued challenges SPWR continues to face,” analysts at Truist Securities Inc. led by Jordan Levy wrote in a research note. Read More: Solar CEO's Vision of 3,200% Sector G
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SPWR
News
- SunPower Stock Is Down 55% This Year. Is It a Buy? [Yahoo! Finance]Yahoo! Finance
- SunPower Co. (NASDAQ: SPWR) had its price target lowered by analysts at Scotiabank from $6.00 to $4.00. They now have a "sector perform" rating on the stock.MarketBeat
- Enphase Energy and SunPower: Solar stocks sliding [Yahoo! Finance]Yahoo! Finance
- It's a cloudy day for SunPower. [Verge, The]Verge, The
- SunPower to Cut Almost One-Third of Workforce [BNN Bloomberg (Canada)]BNN Bloomberg
SPWR
Earnings
- 2/15/24 - Miss
SPWR
Sec Filings
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- 4/24/24 - Form 8-K
- SPWR's page on the SEC website