=SunPower (SPWR) reported earnings on Tue 1 Aug 2017 (a/h)

Solar energy company SunPower (SPWR) reported second-quarter earnings after the market close that beat estimates, but the stock plunged as it expects results for the current quarter to fall far below estimates.

SunPower reported adjusted revenue of $337.4, and unadjusted sales of $341.5 million, both figures beating the consensus estimate of $305 million. It reported an adjusted loss of 35 cents per share, beating the consensus of a 46-cent loss, as polled by Zacks.

SunPower stock tumbled more than 11.7%, near 10.05, in after-hours trading on the stock market today, as the company's fiscal fourth-quarter outlook missed views.

For the current quarter, SunPower expects revenue in the range of $320 million to $370 million, far below the consensus estimate of $678 million. For fiscal 2017, SunPower expects revenue in the range of $2.1 billion to $2.3 billion, vs. its prior outlook of $2.1 billion to $2.6 billion. The consensus is for $2.3 billion.

"Our strong execution enabled us to meet our financial goals for the quarter despite the continued challenging industry conditions," Tom Werner, SunPower chief executive, said in prepared remarks.

He added: "Strategically, we continue to believe that our restructuring program will enable us to successfully navigate the current market transition while positioning us for improved financial performance."

Based in San Jose, Calif., SunPower designs and manufactures solar panels and systems for residential, business, government and utility customers.