Maxeon Solar Technologies Expects Q3 Revenues Below Street

(RTTNews) - Maxeon Solar Technologies, Ltd. (MAXN) Tuesay said it currently expects third-quarter 2023 revenues to be in the range of $224 to $229 million, and shipments to be in the range of 622 to 632 megawatts.

Analysts polled by Thomson Reuters currently expect revenues of $316.20 million for the quarter.

"In light of the current market environment, Maxeon is taking decisive action to re-engineer its IBC manufacturing capacity and strengthen the fundamentals of our DG business while maintaining full pace and unchanged direction in our U.S. large scale business," Mulligan said.

The company said its third-quarter performance was impacted by reduced shipments to its largest distributed generation (DG) customer located in the United States and an industry-wide demand slowdown in the global DG markets.