SunPower Earnings Beat Forecasts. The Stock Shines.

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SunPower

shares were surging early Tuesday after the solar panel manufacturer posted an earnings beat.

SunPower (ticker:

SPWR

) reported second-quarter adjusted earnings of $5.2 million, or 3 cents a share, on $417.8 million in revenue. Analysts surveyed by FactSet were expecting earnings of 2 cents a share on revenue of $362.2 million.

The company added 19,700 customers in the second quarter, a 51% year-over-year increase, and achieved a backlog of 53,000 retrofit and new homes customers.

“This quarter we added a record number of customers, including an all-time high for new home installs, and accumulated a backlog that we expect to set us up for high growth in the second half of the year,” said CEO Peter Faricy.

Management affirmed the company’s previous guidance for full-year Ebitda, or earnings before interest, taxes, depreciation, and amortization. It continues to expect adjusted Ebitda to be between $90 million to $110 million. SunPower is also forecasting it will post a yearly GAAP net loss of between $15 million and $35 million.

Shares of SunPower jumped 10.6% to $21.94 on Tuesday, bringing the stock up 5% this year, outperforming the

S&P 500,
which is down 13%.

Solar stocks have surged over the last week, ever since Democratic Sen. Joe Manchin announced he would be supporting a spending package that included $369 billion in funding for clean energy initiatives. The

Invesco Solar ETF

(TAN) gained just under 30% over the last month, even as it was ticking down 1.1% on Tuesday.

Other solar stocks were having mixed reactions to SunPower’s earnings.

SunRun

(

RUN

) ticked up 0.2%, while

Enphase Energy

(

ENPH

) was down 0.4% and

First Solar

(

FSLR

) lost 1%.

Write to Sabrina Escobar at sabrina.escobar@barrons.com