Maxeon Solar Technologies Ltd. (MAXN) shares are gaining more than 27 percent on Thursday morning trade after reporting a first-quarter profit of $20.42 million or $0.46 per share, compared to loss of $59.19 million or $1.45 per share a year ago. On an adjusted basis, earnings were $54.14 million.
Quarterly revenues were $318.33 million, up from $223.08 million in the prior year.
Looking ahead to the second quarter, the company expects profit in the range of $49-$59 million and an adjusted profit of $50-$60 million.
For fiscal 2023, the company projects revenue in the range of $1,400 - $1,600 million.
Currently, shares are at $35.67, up 27.39 percent from the previous close of $28.00 on a volume of 2,445,137.
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