Maxeon Solar Technologies(US:MAXN) ZACKSยท2024-09-03 14:46Group 1: Earnings Performance - Maxeon Solar Technologies reported quarterly earnings of $0.03 per share, exceeding the Zacks Consensus Estimate of a loss of $1.12 per share, representing an earnings surprise of 102.68% [1] - The company posted revenues of $184.22 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.06%, compared to year-ago revenues of $348.37 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once, but has topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Maxeon Solar Technologies shares have declined approximately 98.5% since the beginning of the year, contrasting with the S&P 500's gain of 18.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.58 on revenues of $176.11 million, and for the current fiscal year, it is -$2.81 on revenues of $715.6 million [7] - The estimate revisions trend for Maxeon Solar Technologies is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Group 3: Industry Context - The solar industry, to which Maxeon Solar Technologies belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]