Benzinga | May 5, 2021 02:22PM EDT

SunPower Beat On Q1 Earnings, Issues Inline Guidance

* SunPower Corp (NASDAQ: SPWR) reported first-quarter FY21 revenue growth of 5.5% year-on-year to $306.4 million, beating analyst consensus of $305.14 million.

* Residential and Light Commercial (RLC) overall bookings rose 25%. Adjusted EBITDA was $25 million.

* Commercial and Industrial Solutions (C&I Solutions) posted an over 20% revenue growth. Bookings rose 50%.

* Revenue from solar power systems, components, and others rose 5.6% to $301.2 million. Residential leasing revenue declined 15.4% to $1.1million. Solar services revenue rose 2.7% to $4 million.

* Non-GAAP gross margin expanded 660 basis points to 18.7%.

* Non-GAAP net income was $9.3 million compared to a loss of $15.1 million in Q1 FY20. Adjusted EPS of $0.05 beat the analyst estimate of $0.01.

* Adjusted EBITDA was $19.1 million against a negative adjusted EBITDA of $2.7 million in Q1 FY20.

* SunPower held $213.1 million in cash and equivalents, and it used $40.4 million in operating cash flow.

* Peter Faricy became the CEO on March 25 following Tom Werner's retirement.

* Guidance: Q2 revenue guidance lies between $295 and $345 million versus the analyst consensus of $334.15 million. GAAP net loss guidance lies between $12 million and $1 million. Adjusted EBITDA guidance lies between the range of $16 million and $27 million.

* Q2 RLC volume growth guidance was 20% Q/Q and over 50% Y/Y. The C&I Solutions business is expected to be in line with the prior year.

* Price action: SPWR shares traded higher by 2.26% at $23.52 on the last check Wednesday.