Vivint Solar Posts Mixed Q3 Results

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Vivint Solar, Inc. (NYSE: VSLR) reported third-quarter financial results after markets closed on Tuesday. The company said that it had a net loss of $0.36 per share and $41.3 million in revenue. The consensus estimates from Thomson Reuters called for a net loss of $0.45 per share and $43.48 million in revenue. The same period from last year had a net loss of $0.47 per share and $22.47 million in revenue.

Prior to the release of the earnings report, the company announced future tax equity commitments of $200 million. The company estimates that these tax equity commitments will support investments in solar energy systems with a total value of over $480 million and will enable the company to install approximately 123 megawatts of residential solar energy systems.

During this quarter, Vivint booked roughly 59 MWs and installed 59 MWs. Total cumulative MWs installed totaled about 634 MWs. Installations totaled 8,266 in the quarter, while cumulative installations were 93,138.

Cost per Watt was $2.85, improved from $2.94 in the second quarter of 2016 and improved from $3.12 in the third quarter of 2015.

On the books, cash and cash equivalents totaled $113.0 million at the end of the quarter, versus $92.2 million at the end of 2015.

Shares of Vivint Solar closed Tuesday up 10.3% at $3.20, with a consensus analyst price target of $5.70 and a 52-week trading range of $2.16 to $10.83. After hours shares traded up another 1.6% at $3.25.