What's Going On With SunPower Stock After Hours?

SunPower Corp SPWR shares are rising after hours following the company's fourth-quarter results, which exceeded analyst expectations.

What Happened: SunPower reported fourth-quarter revenue of $497.3 million, which beat consensus estimates of $488.36 million, representing an increase of 43% year-over-year. The solar company also turned in strong adjusted earnings results. SunPower reported earnings of 15 cents per share, beating estimates of 12 cents per share.

SunPower said it added close to 24,000 customers during the fourth quarter bringing 2022 customer adds up to approximately 83,000.

The company noted that it reduced its net recourse debt to $48 million by year's end and secured new panel supply agreements to meet rising demand.

"We enter 2023 with our lowest level of net debt since first issuing convertible debt after the IPO over 15 years ago, diverse new supply agreements, and a clear strategy to remain the industry leader in customer experience," said Peter Faricy, CEO of SunPower.

SunPower sees full-year adjusted EBITDA in a range of $125 million to $155 million.

"We will continue to invest in the business in 2023 to ensure SunPower remains at the forefront of home electrification while expanding access to solar so more Americans can realize its benefits," Faricy said.

The company also highlighted its partnership with General Motors Co GM, which was established in October 2022. SunPower said it plans to launch a bi-directional charging product with the Detroit-based automaker in 2023.

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SPWR Price Action: SunPower shares are up 1.30% in after hours at $17.10 after gaining 6.5% during the regular session. 

Photo: courtesy of SunPower.