SunPower Corp. SPWR reported first-quarter 2016 adjusted loss of 42 cents per share, wider than the Zacks Consensus Estimate of loss of 23 cents by 82.6%. In the year-ago quarter, the company had reported earnings of 5 cents per share.Adjustments were related to the sales of projects contributed to 8point3 Energy Partners CAFD – a holding company formed in 2015 with First Solar FSLR, sale of operating lease assets, revenues from utility and power plant projects, stock-based compensation, tax effect, and other adjustment costs.On a GAAP basis, the company incurred a loss of 62 cents per share, significantly wider than the year-ago loss of 7 cents.Operational ResultsDuring the quarter, SunPower generated revenues of $433.6 million, surpassing the Zacks Consensus Estimate of $325 million by 33.4%. Reported revenues also inched up 0.7% from the year-ago figure of $430.6 million.The company’s gross margin contracted 690 basis points (bps) to 13.6% from 20.5% in the prior-year quarter. Total operating expenses were up 28.1% to $130.6 million owing to higher research and development expenses (54.5%), and selling, general and administrative expenses (26.6%).Financial PositionSunPower had cash and cash equivalents of $555.2 million, as of Apr 3, 2016, compared with $954.5 million as of Jan 3, 2016. Long-term debt increased to $498.2 million from $478.9 million at 2015 end.In the first quarter, net cash outflow was $369.9 million from operating activities, compared to an outflow of $113.4 million in the year-ago period.GuidanceOn a non-GAAP basis, the company expects revenues in the range of $310–$360 million for the second quarter of 2016 and $3.2–$3.4 billion for the full year. Gross margin is estimated to be 12–14% for the second quarter of 2016 and 14–16% for the full year.An Upcoming Peer ReleaseSolarCity Corp. SCTY is scheduled to report first-quarter 2016 results on May 9.Zacks RankCurrently, SunPower has a Zacks Rank #3 (Hold).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 >>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 FIRST SOLAR INC (FSLR): Free Stock Analysis Report SOLARCITY CORP (SCTY): Free Stock Analysis Report SUNPOWER CORP-A (SPWR): Free Stock Analysis Report 8POINT3 ENERGY (CAFD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research