Sunworks Inc (NASDAQ:SUNW) shares were down 7.17% on Wednesday after the company released its quarterly earnings report.
Sunworks Inc (NASDAQ:SUNW) shares were down 7.17% on Wednesday and an additional 1.05% in after-hours trading to $2.82. The company has a market cap of $55.80 million at 20.85 million shares outstanding. Share prices have been trading in a 52-week range of $1.84 to $4.07.
Sunworks Inc is a company that provides photo voltaic based power systems for the residential, commercial and agricultural markets in California and Nevada. Through its subsidiaries, the company designs, arranges financing, integrates, installs and manages systems ranging in size from 2 KW for residential loads to multi MW systems for larger commercial projects, which include office buildings, manufacturing plants, warehouses and agricultural facilities, such as farms, wineries and dairies.
Aside from that, it also provides a range of installation services to its solar energy customers, including design, system engineering, procurement, permitting, construction, grid connection, warranty, system monitoring and maintenance. To date, Sunworks Inc has installed over 850 systems in California and Nevada, including those under its former name Solar3D Inc.
In its latest earnings report, Sunworks Inc reported $0.03 earnings per share, lower than the consensus estimate of $0.05 earnings per share. The company raked in $31.50 million during the second quarter, outpacing estimates at $11 million, primarily as a result of the inclusion of Elite Solar’s operations on top of significant year-over-year organic sales growth in the existing business. According to company CEO Jim Nelson, Sunworks has been able to extend its momentum from 2015 throughout the first half of the year.
In line with this, the company has made investments in its sales organization and operational infrastructure while working to reduce costs and improving the quality of their service. The company has also invested in additional offices in South Bay and Chico in order to tap into the market there. Management has upgraded its full-year outlook by 10%, projecting revenues to come in around $110-115 million.
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