SunPower names new CFO, says exceeded some Q1 projections

Solar module by SunPower. Author: PSNH. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

SunPower Corp (NASDAQ:SPWR) announced on Thursday the departure of its current chief financial officer (CFO) and unveiled it had performed better than expected in certain aspects during the first quarter (Q1) of 2018.

The US-based solar manufacturer said in a statement it had exceeded its guidance for revenue, gross margin and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for January-March 2018. The company, which is majority-owned by French energy major Total SA (EPA:FP), did not give more details ahead of announcing its results for the period on May 8.

The table below shows SunPower’s Q1 forecast from February 2018.

Figures in USD	Q1 guidance
GAAP revenue	280m-330m
Non-GAAP revenue	300m-350m
GAAP gross margin	(2.5%-0.5%)
Non-GAAP gross margin	4%-6%
Adjusted EBITDA	5m-25m

As per CFO Chuck Boynton, SunPower announced that he will be leaving the company to spend time with his family ahead of pursuing career opportunities later this year. He will continue to serve as CEO of 8point3 Energy Partners LP (NASDAQ:CAFD) through the completion of the yieldco's sale to global asset manager Capital Dynamics.

SunPower has named Manavendra Sial as its new CFO, effective following the filing of the company’s first-quarter 10-Q. Sial most recently served as finance head at Vectra and before that held various global finance and operations leadership roles at SunEdison, which filed for bankruptcy in April 2016.

(USD 1.0 = EUR 0.834)

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