SunPower Corp. tumbled after cutting its full-year guidance as earnings fell short of analysts’ expectations on weaker demand for its rooftop-solar systems.
The company reported a third-quarter loss of 17 cents a share, compared with analyst estimates of 13 cents, according to a statement Wednesday. Revenue was $432 million, compared with a forecast of $456.5 million.
Shares slumped more than 12% to $3.75 at the open of trading in New York, the lowest since April 2020.
The Richmond, California-based company is struggling as higher interest rates make consumers less willing to finance rooftop-power systems. SunPower expects to add 70,000 to 80,000 new customers this year, down from July when it said it would see as many as 90,000 new clients for the period. The company expects a net loss for the year of $165 million to $175 million, down sharply from its July forecast of a loss of $70 to $90 million.
“We are currently facing stormy seas,” Chief Executive Officer Peter Faricy said during a conference call Wednesday. “These trends have continued longer and deeper this year.”
(Updates shares in third paragraph)
