SunPower Corp. SPWR reported adjusted earnings of 22 cents per share in third-quarter 2019 in contrast to the Zacks Consensus Estimate of a loss of a penny. The company had incurred a loss of 29 cents per share in the year-ago quarter.Excluding one-time adjustments, the company incurred GAAP loss of 11 cents per share compared with the prior-year quarter’s loss of 64 cents per share.The year-over-year uptick can be attributed to solid revenues and gross profit growth witnessed by the company in the third quarter.SunPower Corporation Price, Consensus and EPS Surprise SunPower Corporation price-consensus-eps-surprise-chart | SunPower Corporation QuoteOperational ResultsDuring the quarter under review, SunPower’s adjusted revenues came in at $491.7 million, surpassing the Zacks Consensus Estimate of $470 million by 5.9%. Moreover, the top line improved 10.9% from the year-ago quarter’s $443.4 million.The reported figure also exceeded the company’s expectation of $430-$470 million in revenues. The year-over-year upside can be primarily attributed to higher revenues from both SunPower Energy Services and SunPower Technologies business units.Furthermore, the company recorded adjusted gross profit of $78.2 million, up a massive 274.5% from the year-ago quarter. Its adjusted gross margin expanded 1,240 basis points to 10.1%.These apart, SunPower deployed 586 megawatts (MW) in the third quarter compared with 346 MW in third-quarter 2018. The company exceeded the midpoint of its expected range of 550-600 MW in the reported quarter.Financial PositionSunPower had cash and cash equivalents of $189 million as of Sep 29, 2019, compared with $309.4 million as of Dec 30, 2018.Long-term debt was $48.5 million as of Sep 29, 2019, compared with $40.5 million as of Dec 31, 2018.In the first nine months of 2019, net cash outflow from operating activities totaled $266.2 million compared with cash outflow of $517.1 million in the first nine months of 2018.OutlookFor fourth-quarter 2019, the company expects to generate adjusted revenues of $520-$720 million. Adjusted gross margin is estimated to be 16-19%. Additionally, it anticipates deployment of 445-645 MW in the same period.SunPower still expects to generate adjusted revenues of $1.9-$2.1 billion in 2019. The Zacks Consensus Estimate for full-year revenues, pegged at $1.98 billion, lies below the mid-point of the company guided range.It currently projects 2019 deployment to be in the range of 2.1-2.3 gigawatts (GW) compared with the earlier guided range of 2.05-2.25 GW. However, it maintained its adjusted EBITDA projections for the full year in the range of $100-$120 million.Zacks RankSunPower currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Solar ReleasesCanadian Solar, Inc. CSIQ, carrying a Zacks Rank #2 (Buy), is set to report third-quarter 2019 results on Nov 12.JinkoSolar Holding Company Ltd JKS, carrying a Zacks Rank #2, is scheduled to come up with third-quarter 2019 results on Nov 19.A Recent Solar ReleaseFirst Solar Inc FSLR reported third-quarter 2019 adjusted earnings of 29 cents per share, missing the Zacks Consensus Estimate of $1.06 by 72.6%. The figure, however, marked an improvement from prior-year quarter’s loss per share of 18 cents. Free: Zacks’ Single Best Stock Set to DoubleToday you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.Download Free Report Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SunPower Corporation (SPWR): Free Stock Analysis Report Canadian Solar Inc. (CSIQ): Free Stock Analysis Report JinkoSolar Holding Company Limited (JKS): Free Stock Analysis Report First Solar, Inc. (FSLR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research