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SunPower widens Q2'19 net loss YOY

SunPower Corp. on July 31 reported a non-GAAP net loss for the second quarter of 2019 of $31.1 million, or a loss of 22 cents per diluted share, compared with a loss of $1.9 million, or a loss of 1 cent per diluted share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was a loss of 19 cents.

SunPower also reported adjusted EBITDA of $8.0 million, up from $58.6 million in the second quarter of 2018.

The solar panel manufacturer reported 2019 GAAP net income of $121.5 million, or 75 cents per share, compared to a loss of $447.1 million, or a loss of $3.17 per share, in the corresponding quarter of 2018. Non-GAAP revenue was $481.9 million for second-quarter 2019, improving from $447.1 million a year prior.

For fiscal-year 2019, SunPower projects non-GAAP revenue of $1.9 billion to $2.1 billion and gigawatts deployed to be in the range of 2.05 GW to 2.25 GW. The company raised its fiscal-year 2019 adjusted EBITDA guidance to $100 million to $120 million, up from a range of $90 million to $110 million.