SunPower stock falls more than 8% after company swings to Q3 loss

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Shares of SunPower Corp. SPWR, +1.17% fell more than 8% in the extended session Wednesday after the solar-energy company swung to a quarterly loss and sales were slightly under expectations. SunPower lost $84.4 million, or 49 cents a share, in the third quarter, versus earnings of $109.5 million, or 57 cents a share, in the year-ago period. Adjusted for one-time losses, SunPower earned 6 cents a share. Sales rose to $323.6 million, from $275 million a year ago. FactSet consensus called for EPS of 6 cents a share on sales of $329 million. SunPower saw rising demand for residential solar, and growing demand for energy storage. “SunPower concludes the third quarter with plans to focus intently on the fast growing and largely untapped U.S. residential market,” Chief Financial Officer Manavendra Sial said in a statement. “As we head into the fourth quarter and 2022, we are seeing exceptional performance in lead generation and new customer bookings for residential solar and storage.” SunPower has a “strong” cash position and there’s potential to reduce its cost of capital, Sial said. The stock ended the regular trading day up 1.2%

This article was originally published by Marketwatch.com. Read the original article here.

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