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SunPower: 3Q Earnings Snapshot

·1 min read

SAN JOSE, Calif. (AP) _ SunPower Corp. (SPWR) on Wednesday reported third-quarter net income of $44.6 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the San Jose, California-based company said it had net income of 24 cents. Losses, adjusted for one-time gains and costs, were 4 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.

The solar products and services company posted revenue of $274.8 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $232.9 million.

For the current quarter ending in December, SunPower said it expects revenue in the range of $330 million to $370 million. Analysts surveyed by Zacks had expected revenue of $268.1 million.

The company expects full-year revenue in the range of $1.12 billion to $1.16 billion.

SunPower shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.20, a climb of 74% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPWR at https://www.zacks.com/ap/SPWR