MAXN - Maxeon Solar sinks after guiding Q1 revenues below consensus

Maxeon Solar Technologies (MAXN) -7.1% post-market after reporting Q4 adjusted earnings of $0.11/share but saying elevated costs for glass, solar cells, freight and other items may persist well into H2 2021.Noting the solar industry faces "pervasive upstream supply chain cost challenges, which did not improve" in Q1, Maxeon guides for Q1 revenues of $160M, well below $232.7M analyst consensus estimate, and module shipments of 375 MW.The company also says it plans to increase its focus on selling its Performance line shingled module technology in the U.S., facilitated by the deployment of up to 3.6 GW of new shingled module assembly capacity in two phases, contingent upon obtaining debt or equity financing to purchase the equipment, after which initial sales are expected to start in 1Q 2022For FY 2021, Maxeon expects previously planned capital spending of $90M will increase by another $80M for the U.S.-focused Performance line initiative, subject to obtaining

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Maxeon Solar sinks after guiding Q1 revenues below consensus