Tag Archives: vslr

Sunrun Dogged By ‘Regulatory Flux’ But Tops SolarCity, Eyes Growth

Sunrun ( RUN ) is outperforming top rival SolarCity ( SCTY ) but will have to ramp up in the second half of 2016 to defeat regulatory flux in California, New Hampshire, Massachusetts and Hawaii that threatens its 40% growth view, Credit Suisse said Friday. Sunrun stock rocketed 8% in early afternoon trading on the stock market today , helping to pull SolarCity stock up more than 1% in the process, after Sunrun late Thursday  crushed Q1 expectations . It reported $98.7 million in sales, up 99% from the year-earlier quarter, and 13 cents earnings per share. Wall Street consensus modeled $87.7 million and a 48-cent per-share loss. The No. 2 residential installer beat rivals SolarCity and Vivint Solar ( VSLR ) to profitability. On Monday, SolarCity and Vivint Solar separately reported year-over-year sales growth, but also posted per-share losses that widened. All three are dogged by the same regulatory environment, but Sunrun is faring the best, Credit Suisse analyst Patrick Jobin said Friday in a research report. Jobin retained his outperform rating and 18 price target on Sunrun stock, which was trading near 6.50 Friday afternoon. During Q1, Sunrun deployed 60 megawatts, up 63% year over year, vs. 40% and 19% growth for SolarCity and Vivint Solar, respectively. SolarCity’s Q1 bookings fell 33% vs. the year-earlier quarter to 160 MW. Sunrun’s Q1 bookings rose 46%, also topping Vivint Solar’s 33% growth. To achieve its 40% growth target for 2016, Sunrun will need to pick up the pace in the second half of the year, Jobin wrote. For the year, Sunrun expects 285 MW in deployments, including 60 MW in current-quarter guidance. Jobin, though, expects 271 MW in deployments, up 34%. “Management is clear that the guidance is attainable, but not necessarily easily attainable,” he wrote.

Sunrun Q1 Upsets SolarCity, Vivint Solar In Profitability Race

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.

SolarCity Q1 Demand Nipped By Rivals Sunrun, Vivint Solar

No. 1 residential installer SolarCity ( SCTY ) lagged rivals Sunrun ( RUN ) and Vivint Solar ( VSLR ), as March solar applications in California declined year over year, while the entire segment trailed triple-digit commercial growth, a Credit Suisse analyst said Thursday. Credit Suisse analyst Patrick Jobin’s report follows SolarCity’s Q1 earnings, released late Monday. SolarCity stock was blistered this week on Q2 guidance that missed views, while its 2016 installation outlook  was cut on Q1 bookings that fell 150 megawatts flat. Sunrun is slated to report its Q1 earnings late Thursday. In midday trading on the stock market today , SolarCity stock was down 1.5%, after its shares dove 21% on Tuesday in reaction to the company’s earnings report. Sunrun and Vivint stocks were down 3% and 1%, respectively, midday Thursday. SolarCity’s “horrendous” bookings and weak guidance appear to be self-inflicted, Jobin wrote in a research report. “We do see modest growth decelerating in California but note that all growth is not gone,” he wrote. “Sunrun, who reports this afternoon, appears to have fared better in Q1.” For Q1, Sunrun is expected to report $87.7 million in sales, down 12% quarter over quarter, and a 48-cent per-share loss minus items, widening from a 15-cent loss in the previous quarter. SolarCity and Vivint each reported March-quarter losses this week. Excluding Nevada — which accounted for 12 MW in Sunrun’s backlog — Q1 deployments are expected to be flat sequentially. SolarCity and Sunrun exited Nevada in December when regulators cut net-metering payments to solar customers. In March, SolarCity’s residential applications fell 8% year over year vs. 17% and 23% growth from Sunrun and Vivint, respectively, Jobin wrote. Total residential applications for 73 MW of solar to utility companies grew 14.5% vs. last year. The commercial segment was the main driver in March, where 41 MW in total applications were up 136% year over year. Third-party ownership also picked up in March, reaching 62% of all residential applications vs. the 60% average for the second half of 2015.