What happened Shares of Sunworks (NASDAQ: SUNW) continued their sharp rise on Thursday, climbing as much as 33.8%. Shares fell back slightly as the day wore on, but at 2:30 p.m. EDT, they were still up 24.
Transformational Leader with Established History of Driving Growth to Lead Sunworks Gaylon Morris Sunworks Names Gaylon Morris as Chief Executive OfficerROSEVILLE, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Sunworks, Inc. (Nasdaq: SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, today announced that the company’s Board of Directors has appointed Gaylon Morris as its new Chief Executive Officer and a member of the Board of Directors, effective immediately. Mr. Morris is a transformational leader with a proven record of driving revenue growth and profitability in the construction, engineering, and renewable space. Mr. Morris joins Sunworks after two decades leading large-scale engineering and construction companies through transition and growth. Prior to joining Sunworks, Mr. Morris served as Business Strategist at Rosendin Electric, one of the largest electrical contractors, where he was responsible for identifying, researching, and developing go-to-market strategies to target new market opportunities. Before Rosendin Electric, he was Senior Vice President of Operations for Strategic Growth and Market Development at Cupertino Electric, Inc. (CEI), a large, national electrical contractor. At CEI, Mr. Morris was responsible for developing and successfully implementing strategies for CEI’s growth divisions, specifically in Modular Manufacturing, Renewable Energy (photovoltaics and storage), and Utility Electrical (transmission, distribution, and substation). Other previous experience includes senior executive roles at NTS Corporation, Methode Electronics and MET Laboratories, along with serving in the United States Navy, where he was a Submarine Service Reactor Plant Operator.Chuck Cargile, Sunworks’ Chairman of the Board said, “The Board believes Gaylon is the ideal CEO to lead Sunworks through its next growth phase. We are impressed by his established track record of driving profitable growth and his expertise transforming organizations in the engineering and construction industries. Additionally, we are optimistic as we enter 2021 - during the fourth quarter we raised more than $34 million in cash through our at-the-market equity sales, which extinguished our shelf registration filed on May 21, 2019. Under Gaylon’s leadership, we are confident that Sunworks’ current backlog will be executed efficiently while he also focuses on streamlining operations and identifying strategic growth opportunities to drive higher profits, ultimately enhancing shareholder value.”Mr. Morris added, “The renewable space continues to experience expansive growth and economic support, specifically in solar power and storage. Sunworks is well-positioned with its backlog, cash balance, and rapidly expanding target market as homeowners, residential developers, commercial businesses, and municipalities consider solutions to maximize energy savings while leveraging enhanced renewable incentives. I am excited to join the Sunworks Executive Team and Board of Directors and believe we will reposition the company to capitilize on strong industry tailwinds while driving profitable, long-term growth.”About Sunworks, Inc.Sunworks, Inc. (NASDAQ:SUNW) is a premier provider of high-performance solar power systems. Sunworks is committed to quality business practices that exceed industry standards and uphold its ideals of ethics and safety. Sunworks continues to grow its presence, expanding nationally with regional and local offices. The Company strives to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including agricultural, commercial and industrial, state and federal, public works, and residential. Sunworks’ diverse, seasoned workforce includes veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power. For more information, visit www.sunworksusa.comInvestor Relations Contact:Rob Fink FNK IR 646.809.4048 firstname.lastname@example.orgA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2f9f4ec-57b0-4d1e-8f38-6c217bbed541
During Q3, Sunworks's (NASDAQ:SUNW) reported sales totaled $7.30 million. Despite a 102.25% in earnings, the company posted a loss of $2.69 million. In Q2, Sunworks brought in $9.67 million in sales but lost $1.33 million in earnings.What Is Return On Capital Employed? Return on Capital Employed is a measure of yearly pre-tax profit relative to capital employed by a business. Changes in earnings and sales indicate shifts in a company's ROCE. A higher ROCE is generally representative of successful growth of a company and is a sign of higher earnings per share in the future. A low or negative ROCE suggests the opposite. In Q3, Sunworks posted an ROCE of -0.51%.Keep in mind, while ROCE is a good measure of a company's recent performance, it is not a highly reliable predictor of a company's earnings or sales in the near future.View more earnings on SUNWROCE is an important metric for the comparison of similar companies. A relatively high ROCE shows Sunworks is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and earnings per share growth.In Sunworks's case, the ROCE ratio shows the amount of assets may not be helping the company achieve higher returns. Investors may take this into account before making any long-term financial decisions.Q3 Earnings Insight Sunworks reported Q3 earnings per share at $-0.17/share, which did not meet analyst predictions of $-0.05/share.See more from Benzinga * Click here for options trades from Benzinga * 12 Industrials Stocks Moving In Thursday's Pre-Market Session * 9 Industrials Stocks Moving In Wednesday's Intraday Session(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.