SunPower (NASDAQ:SPWR) layoffs have the have the solar technology and energy services company cutting 1,000 jobs to reduce operating costs.SunPower notes that these layoffs will result in charges of about $28 million. The cuts are expected to start in the next few days and could last for a few weeks. It’s worth mentioning that these are a large number of cuts considering the company’s total headcount is 4,710 full-time employees.Alongside these job cuts is SunPower announcing that it will close down certain ...

Core Viewpoint - The market anticipates a year-over-year decline in SunPower's earnings due to lower revenues, with the upcoming earnings report being crucial for assessing the company's stock price movement [1]. Financial Expectations - SunPower is expected to report a quarterly loss of $0.26 per share, reflecting a year-over-year change of -271.4% [2]. - Revenues are projected to be $318.7 million, down 27.7% from the same quarter last year [2]. Estimate Revisions - The consensus EPS estimate has been revised 0.83% higher in the last 30 days, indicating a slight reassessment by analysts [2]. - The Most Accurate Estimate for SunPower is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.92%, suggesting a bearish outlook from analysts [5]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a focus on positive readings for predictive power [3][4]. - SunPower's current Zacks Rank is 3, which complicates the prediction of an earnings beat [5][6]. Historical Performance - In the last reported quarter, SunPower was expected to post a loss of $0.27 per share but actually reported a loss of $0.51, resulting in a surprise of -88.89% [7]. - The company has not beaten consensus EPS estimates in any of the last four quarters [7]. Conclusion - SunPower does not appear to be a compelling candidate for an earnings beat, and investors should consider other factors when making decisions regarding the stock ahead of the earnings release [8].

The sun will come out tomorrow, but SunPower may not live to see it.SunPower (SPWR 1.51%) spooked investors back in February when it warned that, "as a result of the time and effort that was required to complete ... restatements" of certain financial reports, it wouldn't be filing its required SEC 10-K Form on time this year.Shares of the solar power company are trading down about 15% since that announcement, and on Friday, Susquehanna International's Biju Perincheril cut his price target by roughly twice t ...

Tony Garzolini rejoins the company in a newly created role as SunPower deepens focus on profitability and Dealer experience RICHMOND, Calif., March 14, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) a leading residential solar technology and energy services provider, today announced the appointment of residential solar and home energy veteran, Tony Garzolini, as Executive Vice President and Chief Revenue Officer (CRO). In this role, Tony will oversee sales, including the Direct, Dealer and New Homes cha ...

Whenever a company delays a regulatory filing, particularly one involving quarterly or annual financial updates, some investors fear the worst. After all, such filings are a normal and expected aspect of the life of publicly traded businesses.This explains the nearly 2% sell-off in SunPower (SPWR -1.89%) shares on Thursday. The solar energy company admitted in a brief regulatory filing that it'll be late in filing its latest set of fundamentals.Annual report filing delayedAnyone hoping to learn in-depth how ...

RICHMOND, Calif., Feb. 29, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the delayed filing of its Annual Report on Form 10-K ("Form 10-K") for the fiscal year ended December 31, 2023. SunPower requires additional time to complete its financial statements included in the Company's Form 10-K. This ...

Board establishes Office of the Chairman to lead business operations as Peter Faricy departs  Board is conducting a comprehensive CEO search  RICHMOND, Calif., Feb. 27, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that Chief Executive Officer (CEO) Peter Faricy has departed the Company, effective February 26, 2024. The Board is conducting a comprehensive search process to identify a per ...

Even though the market seems to have a less-than-sunny view of solar stocks just now, one analyst recently upped his price target on sector mainstay SunPower (SPWR 0.63%). SunPower has an upside potential of more than 30% at the targeted price. Let's take a quick look at the state of the company and its industry to gauge whether the analyst's view is realistic.UBS bumps its SunPower price target higherIn mid-February UBS analyst Jon Windham added $0.25 per share to his fair value assessment of SunPower, for ...

Builds on the recent capital raise to provide SunPower with access to more than half a billion dollars in financing RICHMOND, Calif., Feb. 23, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has secured over $300 million in project financing commitments from funds managed by Apollo (NYSE: APO) (the "Apollo Funds"), ATLAS SP Partners, ("ATLAS SP") and Hannon Armstrong Sustainable Inf ...

Higher interest rates have made it more expensive to finance new solar panels.gettySunPower reported pretty dismal 2023 results last week. For the year the residential solar company lost $247 million on $1.7 billion in revenue. It burned through $300 million in cash, and didn’t even have any growth to show for it. In the fourth quarter installations were down 4% over the previous year, while new bookings fell 9%.Short on cash, in December SunPower defaulted on hundreds of millions of dollars in first lien d ...