What happened
Shares of solar energy stock SunPower (SPWR -2.17%) fell as much as 10.8% in early trading on Thursday after the company reported third-quarter 2021 financial results. Shares recovered throughout the day, though, and were only down 1.3% at 3:20 p.m. EDT.
So what
Revenue was up 17.8% in the quarter to $323.6 million and the company swung from a net loss of $6.5 million to a profit of $9.8 million, or $0.06 per share. Analysts were expecting earnings of $0.06 per share, but were also expecting $329 million in revenue.
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One thing that may have disappointed investors early today was the fact that SunPower is still evaluating options for its commercial solar business. It's not clear if the company will be able to sell the business, which is losing money, or find a way to monetize it in any way.
Now what
SunPower continues on its transition to focusing on the residential solar industry and is integrating the recently acquired Blue Raven Solar into the business. But the shift seems to be helping with margins and profitability, which should help the stock long-term. As one of the top residential solar companies in the U.S. SunPower has a bright future, but it could be a rocky ride, just like what investors went through today.
