SunPower Q4 Results Miss Estimates; Raises $175 Mln In New Capital Financing; Stock Up 8%

(RTTNews) - SunPower Corp. (SPWR) announced Thursday a net loss attributable to stockholders for the fourth quarter of $123.90 million or $0.71 per share, compared to net income of $3.43 million or $0.02 per share in the prior-year quarter.

Net loss from continuing operations for the quarter was $0.66 per share, compared to net income of $0.03 per share last year.

Excluding items, adjusted net loss from continuing operations for the quarter was $0.51 per share, compared to adjusted net income of $0.11 per share last year.

Total revenue for the quarter declined to $356.91 million from $497.97 million in the same quarter last year. Adjusted revenue was $361.25 million.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.24 per share on revenues of $362.85 million for the quarter. Analysts' estimates typically exclude special items.

The company also announced it raised $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners. As a part of the transaction, the Company also received $25 million of revolving debt capacity as part of new long-term waivers from key financial partners.

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