Maxeon Solar Technologies Ltd shares slid 12% to $5.36 in early trading on Thursday after the solar panels manufacturer’s third-quarter 2023 financial results fell short of expectations and the company reduced its revenue guidance for the current fiscal year for a second time.
Maxeon reported a 3Q loss of $2.21 per share on revenue that fell 17% to $228 million, while the analyst consensus forecast was for an $0.84 per-share loss and $236.9 million in revenue.
"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 Solar Technologies CEO Bill Mulligan said in a statement.
Maxeon’s shipments for the quarter declined to 628 megawatts from 807 megawatts a year earlier.
Looking ahead, the company sees its 4Q revenue in the range of $220 million to $260 million, less than the $273.9 million analyst consensus, due to near-term softening of residential demand, the recent SunPower settlement, and "challenging" market conditions.
Shares of Maxeon Solar Technologies have fallen 65% year to date.
Contact Sean at sean@proactiveinvestors.com