SPWR is due for a rebound and after topping Q3 earnings, we believe the recovery is just starting. After the RSI got just below 30, SPWR has been oversold and due for a bounce. Key to watch is the 200 dma of $9.20 a share.
Here are the highlights from Q3:
SunPower (NASDAQ:SPWR): Q3 Non-GAAP EPS of $0.07 beats by $0.05; GAAP EPS of -$0.11 beats by $0.16.
Revenue of 499.7M (+12.7% Y/Y) beats by 24.41M.
SunPower (NASDAQ:SPWR) traded higher after-hours following better than expected Q3 earnings and revenues on strength in U.S. and international distributed generation markets.
Q3 adjusted EBITDA climbed to 42M from 8M in Q2 and 6.7M in the year-ago quarter.
SPWR says it achieved record residential and new homes bookings in Q3, with strong traction in California ahead of the 2020 new home solar mandate, and record shipments into international DG markets.
The company says it is tracking to a Q4 agreement on a potential investment to expand Maxeon 5 production.
SPWR expects Q4 revenues of 520M-720M, in line with 631M analyst consensus; gross margin of 16%-19%; adjusted EBITDA of 74M-94M; and MW deployed of 445-645 MW.
For the full year, SPWR maintains adjusted EBITDA guidance of 100M-120M.
As always, trade with caution and use protective stops.