Sunworks heads for worst day in 9 months after gloomy results

Sunworks

15/05/2019 17:15

** Solar power systems maker's shares  SUNW.O  drop 16.7% to
$1.1 after co reports dim Q1 results
    ** Stock on track to post its biggest one-day pct fall in
more than 9 months
    ** Co posts 31% fall in rev to $9.3 mln and loss widens to
17 cents/shr vs 7 cents a yr ago  urn:newsml:reuters.com:*:nGNXb1kKBn
    ** Says earnings hit by seasonally rainy conditions in
California that halted installation activity in many larger
projects
    ** Says also incurred expenses for renegotiation of terms
and the cancellation of several of the older projects
    ** Stock has jumped nearly four-fold in value this year
after four consecutive years of declines

 (Reporting by Sruthi Shankar in Bengaluru)
 ((RM: sruthi.shankar.reuters.com@reuters.net))