Scalper1 News
No. 2 residential installer Sunrun ( RUN ) topped rivals SolarCity ( SCTY ) and Vivint Solar ( VSLR ) late Thursday, reporting Q2 sales and earnings — its first quarter in the black — that topped Wall Street’s views, as deployments rose and beat guidance. Sunrun stock soared 17% in after-hours trading Thursday, after its earnings release and after falling 3.5% in the regular session, to 6.15. Shares have fallen 48% this year but could get a lift Friday. For Q1, Sunrun reported $98.7 million in sales, up 99% vs. the year-earlier quarter, and 13 cents earnings per share. The consensus of eight analysts polled by Thomson Reuters saw $87.7 million and a 48-cent per-share loss. On Monday, SolarCity and Vivint Solar reported year-over-year sales growth but widening per-share losses. Sunrun is the first of the trio to reach profitability. For the quarter, Sunrun said it deployed 60 megawatts, up 63% year over year, and booked 56 MW. Three months ago, the company guided to 56 MW, but noted the outlook didn’t include a backlog from Nevada. Last year, Nevada regulators pulled the plug on net-metering payments to solar customers. Sunrun and SolarCity both exited Nevada, claiming the paucity in solar subsidies made the industry uneconomical in the state. Current-quarter deployment guidance for 60 MW would be up 41.5% vs. the year-earlier quarter. For 2016, Sunrun plans to deploy 285 MW. Scalper1 News
Scalper1 News