Rising Fuel Prices Are Good For Solar Stocks: SunPower's Q3 Performance Is Proof
SunPower Corp (NASDAQ: SPWR) reported third-quarter FY22 revenue growth of 67.9% year-on-year to $475.7 million, beating the consensus of $428 million.
SPWR added a record 23,000 customers, up 63% Y/Y.
Non-GAAP gross margin expanded 40 basis points to 22.8%.
Adjusted EPS of $0.13 beat the consensus of $0.08.
Adjusted EBITDA grew 23.7% Y/Y to $32.6 million.
SunPower held $548.4 million in cash and equivalents and used $5.3 million in operating cash flow.
"In the third quarter, we continued to break records for customer growth and revenue, putting us on track toward the high end of our 2022 guidance for these metrics."
"Our strategy is working: with our focus on providing a world-class customer experience and industry-leading products, coupled with the right financing options, we are driving strong market share gains and a significant backlog that we believe will benefit us well into 2023," said Peter Faricy, CEO.
In Q3, crude oil has remained in the high levels range of $76 - $95.
Outlook: SunPower affirmed 2022 guidance of $90 million - $110 million Adjusted EBITDA.
Peer company Sunworks (NASDAQ: SUNW) also reported a Q3 Revenue beat as rising energy prices benefited.
Sunworks CEO Gaylon Morris said, "As household electricity bills continue to rise, order rates for new residential rooftop solar installations accelerated on a year-over-year basis."
Price action: SPWR shares traded higher by 12.4% at $18.95 on the last check Tuesday.
See more from Benzinga
SkyWater Shares Soar, Analyst Find It Capable Of Decoupling From Broader Semi Slowdown
Powerball Lottery Drawing Delayed: Here's What's Causing A Problem
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.