October 30, 2018 / 8:30 PM / 16 days ago

SunPower cuts 2018 view on equipment sale delays

Oct 30 (Reuters) - U.S. solar company SunPower Corp on Tuesday lowered its 2018 forecast because of delays in equipment sales for solar power plants.

The company said it expects 2018 revenue of $1.7 to $1.8 billion on a net basis, compared with a prior view of $1.6 billion to $2 billion. Adjusted earnings before interest, taxes, depreciation and amortization are expected to be between $100 million and $120 million compared with a prior view of $95 million to $125 million.

SunPower also lowered its forecast for gigawatts of solar products deployed to a range of 1.45 to 1.55 GW from a prior view of 1.5 GW to 1.9 GW.

SunPower shares were down 5.9 percent at $6.04 in after-hours trade on the Nasdaq. The company is majority owned by France’s Total SA. (Reporting by Nichola Groom; editing by Grant McCool)

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