Solar company SunPower's third-quarter revenue disappointed the Street.
that came shy of expectations and did not announce a buyer for its commercial and industrial business.Earnings: 6 cents per share, adjustedWall Street analysts were expecting the company to earn 3 cents per share. It was not immediately clear whether the reported number is comparable to estimates. The company reported non-GAAP gross margin of 18.7%, down from 20.6% during the second quarter.
The company said its customer additions during the period jumped 29% year over year to 14,200. In total SunPower now has nearly 390,000 residential customers, with an additional 20,000 coming from the recent acquisition of Blue Raven.in October aimed at doubling down on the residential market. As part of that, SunPower acquired home solar company Blue Raven and said it will sell its commercial and industrial business.
Supply chain headwinds are impacting just about every area of the economy, but Faricy said they're easier to manage on the residential side since it's just the company and customer. Faricy, who joined SunPower in April, said the company's new mission includes building long-term relationships with consumers that stretch across a range of products. Part of that is improving the company's software offering, as well as reducing the time it takes to have products installed.
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