Sunworks, Inc. (NASDAQ:) incurred adjusted loss of 17 cents per share in first-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 3 cents. The company incurred a loss of 7 cents in the year-ago quarter.
Revenues
In the first quarter, the company generated revenues of $9.3 million that missed the Zacks Consensus Estimate of $13 million by 28.71%. The top line plunged 31% from the prior-year quarter’s figure.
In the quarter, revenues and profitability were affected by seasonal rains in California, which prohibited installation activity for many large agriculture and commercial projects.
Sunworks, Inc. Price, Consensus and EPS Surprise
Sunworks, Inc. price-consensus-eps-surprise-chart | Sunworks, Inc. Quote
Operational Results
As of March 31, 2019, the company has project backlog of $47.2 million scheduled for installation in the next 12 months.
Further, total operating expenses in the quarter declined 10.7% year over year to $3.6 million. Notably, decline in selling and marketing expensesled to the downside.
The company’s interest expenses increased to $0.2 million from $0.02 million in the year-ago quarter.
Financial Position
Sunworkshad cash and cash equivalents of $1.5 million as of Mar 31, 2019 compared with $3.6 million as of Dec 31, 2018.
As of Mar 31, 2019, the company had long term liabilities of $5.1 million compared with $4.1 million as of Dec 31, 2018.
Outlook
The company expects to generate revenues in the range of $18-$22 million, in each of the next two quarters. The company anticipates positive operating income in the upcoming two quarters.
Zacks Rank
Sunworks currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar Inc. (NASDAQ:) incurred a loss of 64 cents per share in first-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 13 cents.
Sunrun Inc. (NASDAQ:) incurred a loss of 12 cents per share in first-quarter 2019, against the Zacks Consensus Estimate of earnings of 32 cents.
SolarEdge Technologies, Inc. (NASDAQ:) delivered first-quarter 2019 adjusted earnings of 64 cents per share, which surpassed the Zacks Consensus Estimate of 62 cents by 3.2%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
here or
remove ads
.
