SunPower (NASDAQ: SPWR) reported Q3 EPS of $0.68, $0.30 better than the analyst estimate of $0.38. Revenue for the quarter came in at $729.3 million versus the consensus estimate of $777.94 million.

The company will implement the following initiatives:

• Reduce capacity to lower inventory, improve cash flow and match to profitable demand
• Cost reduction programs that are expected to improve margins and reduce 2017 annual operating expenses to approximately $350 million
• Target 2017 capital expenditures of approximately $100 million, a reduction of more than 50 percent compared to 2016
• Initiatives to improve liquidity with the goal of generating positive cash flow from operations through the end of 2017 and exiting the year with approximately $300 million in cash

GUIDANCE:

SunPower sees Q4 2016 revenue of $0.09-1.1 billion, versus the consensus of $1.37 billion.

SunPower sees FY2016 revenue of $2.43-2.63 billion, versus the consensus of $2.99 billion.

For earnings history and earnings-related data on SunPower (SPWR) click here.