Why Gordon Johnson Says SunPower Is A 'Perpetually Loss-Making' Company [Yahoo! Finance News]
SunPower Corporation (SPWR)
Last sunpower corporation earnings: 2/12 04:05 pm
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Source: Yahoo! Finance News
Solar solutions and services provider SunPower Corporation SPWR fourth-quarter results The Sunpower Analyst Gordon Johnson II The SunPower Thesis SunPower's earnings presentation showed that the company's business unit generated $122.4 million of cash in the fourth quarter, but according to "traditional accounting definitions," this is not accurate, Johnson said in a Tuesday note. See his track record here Specifically, the company boosted its BU cash by $131.5 million by including several non-core transactions, the analyst said: The companysaid its 2019 adjusted EBITDA was $98 million, but similarly, this doesn't tell the whole story, Johnson said. SunPower's EBITDA includes "a bunch" of one-time asset sales in EBITDA, which he said is a "HUGE no-no," as investors put a multiple on a company's EBITDA. Excluding one-time items places SunPower's EBITDA closer to $41 million, the analyst said. Finally, bulls are counting on the company splitting itself up so the "New SPWR" will have
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