By Stephen Nakrosis
Shares of Maxeon Solar Technologies were down in post-market trading after the company cut its revenue guidance for the current fiscal year a second time and posted third-quarter results that showed decline in both revenue and shipments.
The stock fell 9% to $5.54 at 6:01 p.m. ET. The shares, which closed the market session down 1.3% at $6.10, hit a 52-week low of $4.98 last week. For the year, the stock is down 62%.
For the 2023 fiscal year, Maxeon said it expects revenue from a range of $1.114 billion to $1.154 billion. In August, Maxeon cut its full-year revenue guidance to a range of $1.25 billion to $1.35 billion, from of $1.4 billion to $1.6 billion.
The Singapore-based company reported a third-quarter loss per share of $2.21 on revenue of $227.6 million. In the year-ago period, the company reported a loss per share of $1.09 on revenue of $275.4 million.
In the third quarter, Maxeon said shipments equalled 628MW, below the 807MW in the same period a year earlier.
Bill Mulligan, the company’s chief executive officer, said “as indicated in our preliminary results announcement of our third quarter financials, the third quarter was significantly impacted by the absence of shipments to SunPower for a majority of the quarter as well as by the industry-wide supply and demand imbalance in Europe.”
Maxeon also said it resolved its dispute with SunPower and said it had reached a supply agreement with the company.
Write to Stephen Nakrosis at [email protected]
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