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SolarCity (SCTY) Stock Falling Over 18% on Q3 Earnings Miss

Madeleine Johnson

SolarCity Corp (SCTY) is an American company that offers solar power, energy efficiency and electric vehicle design, monitoring and maintenance services to homeowners, businesses, schools, non-profits, and government organizations. The company is well-known because of its Chairman, Tesla Motors founder Elon Musk. SolarCity was founded in 2006 and is headquartered in San Mateo, California.


Currently, SolarCity has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. We have highlighted some of the key statistics from this just announced report below.


SolarCity:


1. Missed earnings estimates. The company posted $-2.10 EPS, missing our Zacks Consensus Estimate of $-1.99 (this number excluldes $1.90 from non-recurring items).


2. Beat revenue estimates. The company saw revenue figures of $113 million, beating our estimate of $107 million, up 95% year-over-year.


3. Posted $239 million of economic value creation in the third quarter.

 

4. Announced two milestones: “First, we officially launched our international expansion with our first installations in Mexico. Second, we became the first solar company to reach 1 GW in annualized distributed solar installations in the U.S.—and likely the world.”


5. SCTY was down $7.08, or 18.60%, to $30.99 as of 5:04 PM ET in after hours trading shortly after its earnings report was released.


Here’s a graph looking at SolarCity’s recent quarterly EPS and growth rate:


Solarcity Corporation (SCTY) Recent Quarterly EPS & Growth Rate | FindTheCompany


Check back later for our full analysis on SolarCity’s third quarter earnings report!


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SOLARCITY CORP (SCTY): Free Stock Analysis Report
 
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