SolarCity (SCTY) Beats on Earnings, Sees Strong Growth
SolarCity (SCTY) is easily one of the most famous companies in the broader solar industry. The San Mateo-based firm has made a name for itself with its solar leasing model which allows customers to get a solar system for $0 down.
However, much like the rest of the solar industry, SCTY has been under severe pressure as of late, as sliding oil prices have dulled the appeal of the sector. The space is seeing more competition too, and investors have been eagerly awaiting the company’s latest earnings report.
This is especially true given the recent earnings estimate revisions for SCTY as the consensus estimate has been going slightly lower. However, SCTY does have a decent history when it comes to recent earnings reports as the stock has beaten estimates in three of the last four quarters, making for an average surprise of just over 4%.
Currently, SCTY has a Zacks Rank #4 (Hold), but that could definitely change following SolarCity’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below in which SolarCity managed to beat on earnings but missed on revenues:
Earnings: SCTY beat on earnings. Our consensus called for EPS of -1.09, and the company reported EPS of -0.75 (these figures take out stock option expenses).
Revenue: Revenues missed. SolarCity posted revenues of $58.3 million, compared to our consensus estimate of $59 million.
Key Stats to Note: The cumulative MW deployed by SCTY is now at 894 MW, up 93% year-over-year. The company also has 168,000 customers, a level that is more than double their 82,000 from a year ago.
Stock Price: Shares were down almost 4.4% ahead of the report and they are down about 1.4% in after-hours trading following the release.
Check back later for our full write up on this SCTY earnings report later!
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