SolarCity Finally Issues Results and Restated Expenses

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After a delay of three weeks, SolarCity Corp. (NASDAQ: SCTY) reported fourth quarter and full-year 2013 results after markets closed on Tuesday. The solar PV installer was originally scheduled to report results on February 24th, and a second postponement was announced on March 3rd.

As reported on February 24th, fourth quarter revenue came in at $47.3 million and the adjusted diluted earnings per share (EPS) loss came in at $0.46. In the fourth quarter of 2012 SolarCity posted revenues of $23.76 million and an EPS loss of $0.54. The consensus estimates called for the company to post a quarterly EPS loss of $0.55 on revenues of $45.27 million.

Full year revenues totaled $163.84 million compared with a consensus estimate of $162.13 million. For the full year SolarCity posted a GAAP EPS loss of $0.70 compared with the consensus estimates calling for an EPS loss of $1.79.

The net impact of the accounting changes that the company made was a reallocation of overhead expenses from Operating Leases to Solar Energy System Sales totaling $16.2 million for the first three quarters of fiscal 2013 and $20.4 million for the full 2012 fiscal year.

For the first quarter of 2014 the company expects to deploy 78 to 82 megawatts of solar projects. SolarCity estimates a non-GAAP loss between $0.70 and $0.80 a share in the first quarter. The company reaffirmed its full-year deployment guidance of 475 to 525 megawatts, and also said it expects to generate positive cash flow in fiscal year 2014.

Shares are trading up about 0.1% at $77.40 in after-hours trading. The stock’s 52-week range is $16.45 to $88.35. The consensus price target from Thomson Reuters was around $74.60 before today’s report.

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