When Sunrun Inc. (NASDAQ: RUN) reported its third-quarter financial results after the markets closed on Thursday, the company said that it had $0.16 in earnings per share (EPS) and $112 million in revenue. The consensus estimates called for a net loss of $0.43 per share and $130.6 million in revenue. The same period of last year reportedly had a net loss of $0.04 per share and $82.6 in revenue.
During this quarter, the company had total deployments of 80 megawatts (MW), an increase of 43% year-over-year, with a cumulative MW deployed of 801. Also Sunrun created $76 million in net present value (NPV), up 53% from last year. The creation cost per watt improved by $0.38, or 10% from the third quarter of last year.
Net bookings for the quarter were 79 MW, up 5 MW sequentially.
Looking ahead to the fourth quarter, the company expects to deploy roughly 80 MW. As such, for full year 2016, Sunrun is raising deployment guidance from 270 to 280 MW to about 285 MW.
On the books, cash and restricted cash totaled $219.4 million at the end of the quarter, versus $213.1 million at the end of 2015.
Lynn Jurich, CEO of Sunrun, commented:
We are pleased to deliver Q3 results that beat targets on customer installations, net present value and cost improvements, and to raise guidance slightly for the full year. We have achieved these targets by consistently executing our strategy of delivering the industry’s most valuable and satisfied customer base, aligning our product offerings with customer demand and taking share in attractive markets. We are proud to partner with our growing base of customers to lead a transition to clean energy that will grow for decades to come.
Shares of Sunrun were last trading up 13% at $5.32 on Wednesday, with a consensus analyst price target of $10.91 and a 52-week trading range of $4.15 to $7.34.