SunPower Corp SPWR Shares are higher hours after the company’s fourth-quarter results, the exceeded analysts’ expectations.

What happened: SunPower reported fourth-quarter revenue of $497.3 million, beating consensus estimates of $488.36 million, up 43% year over year. The solar company also posted strong adjusted results. SunPower reported earnings of 15 cents a share, beating estimates of 12 cents a share.

solar power said it added nearly 24,000 customers in the fourth quarter, bringing the number of customers to about 83,000 in 2022.

The company noted that it reduced its net contingent liabilities to $48 million by year-end and secured new panel supply agreements to meet rising demand.

“We enter 2023 with our lowest net debt since the first post-IPO convertible bond issuance over 15 years ago, various new supply agreements and a clear strategy to remain the industry leader in customer experience,” said Peter FariceCEO of SunPower.

SunPower expects full-year Adjusted EBITDA to be in the range of $125 million to $155 million.

“We will continue to invest in the business in 2023 to ensure SunPower remains at the forefront of home electrification while expanding access to solar power so more Americans can reap the benefits,” Faricy said.

The company also highlighted its partnership with General Motors Co GMwhich was founded in October 2022. SunPower said it plans to launch a two-way charging product with the Detroit-based automaker in 2023.

See also: Why QuantumScape stock plummets after hours

SPWR price action: SunPower shares are up 1.30% at $17.10 after the close of business after gaining 6.5% during the regular session.

Photo: courtesy of SunPower.