Actionable news
All posts from Actionable news
Actionable news in SUNE: SUNEDISON Inc,

Sunworks CEO To Investors: 'This Is An Exciting Time To Be In The Solar Business'

Invest with Confidence. Are you a financial professional? Stay on top of your portfolio with Benzinga Pro's real-time newsfeed and alerts and never miss a headline again.
Don't miss the chance to try it FREE today.

Sunedison Inc SUNE 0.06% announced on Thursday it has declared bankruptcy. The move may have prompted James Nelson, CEO and Chairman of Sunworks Inc SUNW 7.55% to ease investor concerns and write a letter to shareholders.

Sunworks is a provider of solar power solutions for commercial and residential markets.

In the letter to investors, Nelson highlighted 2015's "extraordinary" year in which the company earned more than $1 million in net income on record setting revenue of $53.7 million. In fact, the company successfully acquired and integrated various entities into its operation which is expected to help achieve the company's "conservative" 2016 revenue guidance of $100 million and "deliver stronger profitability."

"This is an exciting time to be in the solar business as the industry is truly still in its infancy and highly fragmented, particularly in the western region of the U.S. where we primarily operate today," Nelson wrote. "There is a significant opportunity for consolidation available to companies such as ours that have the balance sheet and cash flow generating abilities to accelerate growth through acquisitions. We see solid inorganic opportunities as the commercial segment of the solar industry continues its rapid growth, and the residential segment is being propelled by powerful market and regulatory trends.

Nelson continued that further opportunities in the market are "expansive." He added that the social trends of combating climate change are "extremely supportive of solar energy."

"Our approach to growing our business profitably through investment and caring for our customers is what sets us apart competitively and as an investment opportunity," Nelson concluded in his letter.

© 2016 Benzinga does not provide investment advice. All rights reserved.