PR Newswire
SAN JOSE, Calif., Feb. 15, 2017
SAN JOSE, Calif., Feb. 15, 2017 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) today announced financial results for its fourth quarter ended January 1, 2017.
($ Millions, except percentages and per-share data)2 | 4th Quarter 2016 | 3rd Quarter 2016 | 4th Quarter 2015 |
FY 2016 |
FY 2015 |
GAAP revenue | $1,024.9 | $729.3 | $374.4 | $2,559.6 | $1,576.5 |
GAAP gross margin1 | (3.1%) | 17.7% | 5.4% | 7.4% | 15.5% |
GAAP net loss1 | ($275.1) | ($40.5) | ($127.6) | ($471.1) | ($187.0) |
GAAP net loss per diluted share1 | ($1.99) | ($0.29) | ($0.93) | ($3.41) | ($1.39) |
Non-GAAP revenue2 | $1,097.3 | $770.1 | $1,363.9 | $2,702.9 | $2,612.7 |
Non-GAAP gross margin1,2 | (2.0%) | 20.0% | 28.8% | 9.0% | 23.9% |
Non-GAAP net income (loss)1,2 | ($89.0) | $97.0 | $270.4 | ($63.2) | $337.8 |
Non-GAAP net income (loss) per diluted share1,2 | ($0.64) | $0.68 | $1.73 | ($0.46) | $2.17 |
Adjusted EBITDA1,2 | ($20.8) | $148.2 | $379.9 | $163.6 | $556.5 |
Operating cash flow | $484.8 | ($128.3) | ($296.9) | ($312.3) | ($726.2) |
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1 Fourth quarter and fiscal year 2016 GAAP and non-GAAP financial results include a charge of $61 million for sale of above market polysilicon |
2 Information about SunPower's use of non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below. |
"SunPower's diversified business model enabled us to meet our revenue plan and exceed our operating cash flow target in the fourth quarter," said Tom Werner, SunPower president and CEO. "While overall industry conditions remain challenging, we are encouraged to see continued solid demand for our complete solutions offerings in all three end segments. In our upstream solar cell and panel manufacturing operations, we met our yield and cost reduction targets for the quarter, continued the ramp of our P-Series product and completed our capacity reduction with the shutdown of Fab 2. Financially, we significantly improved our cash flow as we executed on major project milestones, and we are on track with respect to our 2017 restructuring initiatives. We remain highly focused on maximizing near-term cash flow."
"Despite the difficult industry environment, our solid execution enabled us to achieve our key financial metrics for the quarter, including generating $485 million in operating cash flow, which we used to reduce our debt by approximately $500 million," said Chuck Boynton, SunPower chief financial officer. "Our focus this year remains on improving cash flow, prudently managing our working capital and deleveraging the balance sheet. We believe that this will position us well for success as the solar industry transitions through the current challenges to sustainable profitability."
The company's fourth quarter and fiscal year 2016 GAAP and non-GAAP results included a charge of approximately $61 million due to the sale of above market polysilicon as well as a GAAP restructuring charge of $176 million. As previously disclosed, the company's 2016 fiscal year guidance did not include these charges.
Also, fourth quarter fiscal 2016 non-GAAP results include net adjustments that, in the aggregate, decreased (increased) non-GAAP net loss by $186.1 million, including $6.3 million related to 8point3 Energy Partners, $2.5 million related to utility and power plant projects, $(10.1) million related to sale of operating lease assets, $8.4 million related to sale-leaseback transactions, $12.6 million related to stock-based compensation expense, $3.0 million related to amortization of intangible assets, $175.8 million related to restructuring expense, $(0.2) million related to other adjustments, and $(12.2) million related to tax effect.
Financial Outlook
The company is reiterating the following key financial metrics for 2017.
Revenue of $1.8 billion to $2.3 billion on a GAAP basis and $2.1 billion to $2.6 billion on a non-GAAP basis, non-GAAP operational expenses of less than $350 million, capital expenditures of approximately $120 million, and gigawatts (GW) deployed in the range of 1.3 GW to 1.6 GW. Also, the company expects to record GAAP restructuring charges totaling $50 million to $100 million in fiscal year 2017.
The company expects to generate positive operating cash flow through the end of fiscal year 2017 and exit the year with approximately $300 million in cash. Despite current industry conditions the company is forecasting positive Adjusted EBITDA for the full year 2017, weighted toward the second half of the year. The company believes that cash flow and liquidity are the key evaluation metrics for investors in the near term.
The company's first quarter fiscal 2017 GAAP guidance is as follows: revenue of $315 million to $365 million, gross margin of (2) percent to 0 percent and net loss of $175 million to $150 million. First quarter 2017 GAAP guidance includes the impact of the company's HoldCo asset strategy and revenue and timing deferrals due to real estate accounting as well as the impact of charges related to the company's restructuring initiatives. On a non-GAAP basis, the company expects revenue of $370 million to $420 million, gross margin of 0 percent to 2 percent, Adjusted EBITDA of ($45) million to ($20) million and megawatts deployed in the range of 150 MW to 180 MW.
The company will host a conference call for investors this afternoon to discuss its fourth quarter 2016 performance at 1:30 p.m. Pacific Time. The call will be webcast and can be accessed from SunPower's website at http://investors.sunpower.com/events.cfm.
This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release. Please note that the company has posted supplemental information and slides related to its third quarter 2016 performance on the Events and Presentations section of SunPower's Investor Relations page at http://investors.sunpower.com/events.cfm. The capacity of power plants in this release is described in approximate megawatts on a direct current (dc) basis unless otherwise noted.
About SunPower
As one of the world's most innovative and sustainable energy companies, SunPower Corp. (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) our expectations for the timing, success and financial impact of our restructuring plan and associated initiatives, including impact on our balance sheet, long-term cash flow and annual operating expenses; (b) our ability to improve cash flow, manage our working capital, and deleverage our balance sheet; (c) our positioning for future success and profitability; (d) our expectations for the solar industry and the markets we serve, including market conditions, recovery, and long-term prospects for improvement; (e) full year fiscal 2017 guidance, including GAAP and non-GAAP revenue, operational expenditures, capital expenditures, gigawatts deployed, cash flow and ending cash, and Adjusted EBITDA; and (f) our first quarter fiscal 2017 guidance, including GAAP revenue, gross margin, and net loss, as well as non-GAAP revenue, gross margin, Adjusted EBITDA, cash flow, and MW deployed. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing; (2) our liquidity, substantial indebtedness, and ability to obtain additional financing for our projects and customers; (3) regulatory changes and the availability of economic incentives promoting use of solar energy; (4) challenges inherent in constructing certain of our large projects; (5) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (6) fluctuations in our operating results; (7) appropriately sizing our manufacturing capacity and containing manufacturing difficulties that could arise; (8) challenges managing our joint ventures and partnerships; (9) challenges executing on our HoldCo and YieldCo strategies, including the risk that 8point3 Energy Partners may be unsuccessful; (10) fluctuations or declines in the performance of our solar panels and other products and solutions; (11) our ability to identify and successfully implement concrete actions to meet our cost reduction targets, reduce capital expenditures, and implement our restructuring initiatives, including the planned realignment of our manufacturing operations and power plant segment; and (12) the outcomes of previously disclosed litigation. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
©2017 SunPower Corporation. All rights reserved. SUNPOWER, the SUNPOWER logo, HELIX and OASIS are trademarks or registered trademarks of SunPower Corporation in the U.S. and other countries as well. Other marks are the property of their respective owners.
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