Why SunPower Stock Is Rising Today

SunPower Corp SPWR shares are trading higher Tuesday after the company announced mixed financial results.

SunPower said second-quarter revenue jumped 63% year-over-year to $414.1 million, which beat the estimate of $362.17 million, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 3 cents per share, which missed the estimate of 4 cents per share.

SunPower said it added 19,700 customers in the second quarter, up 51% year-over-year. 

"This quarter we added a record number of customers, including an all-time high for new homes installs, and accumulated a backlog that we expect to set us up for high growth in the second half of the year," said Peter Faricy, CEO of SunPower.

SunPower reaffirmed its 2022 guidance of adjusted EBITDA per customer between $2,000 and $2,400 and 73,000 to 80,000 incremental customers, resulting in $90 to $110 million in adjusted EBITDA for the year.

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SPWR Price Action: SunPower has a 52-week high of $25.24 and a 52-week low of $12.78.

The stock was up 7% at $21.22 at time of publication.

Photo: andreas160578 from Pixabay.