Shares of SunPower Corp. fell 0.8% late Wednesday after the San Jose, Calif., solar-power company narrowed its quarterly loss but reported sales under expectations. SunPower reported a loss of $40.5 million, or 29 cents a share, in the third quarter, narrowing a loss of $56.3 million, or 41 cents a share, in the year-ago period. Adjusted for one-time items, the solar-power developer said it earned $97 million, or 68 cents a share, compared with $20 million, or 13 cents a share, a year ago. Sales reached $729 million, compared with $380 million in the third quarter of 2015. Analysts polled by FactSet had expected SunPower to report adjusted earnings of 41 cents a share on sales of $786 million. The company said it was enacting “significant” cost-reduction initiatives in order to face a more uncertain solar market. The company will report on a restructuring program Dec. 7, it said. SunPower said it expects a “slight moderation” of growth in its residential market in the fourth quarter. The company also tweaked its guidance, and said it expects 2016 revenue of $2.43 billion to $2.63 billion and net loss of $295 million to $320 million for the year. Shares had ended the regular trading day down 14%.
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