SolarCity Posts Big Loss, Forecasts Bigger Loss Next Quarter
ThinkstockSolarCity Corp. (NASDAQ: SCTY) reported second quarter 2015 results after markets closed Wednesday afternoon. For the quarter, the solar panel maker reported an adjusted diluted loss per share of $1.61 on revenue of $102.83 million. In the same period a…
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SolarCity Corp. (NASDAQ: SCTY) reported second quarter 2015 results after markets closed Wednesday afternoon. For the quarter, the solar panel maker reported an adjusted diluted loss per share of $1.61 on revenue of $102.83 million. In the same period a year ago, SolarCity reported an EPS loss of $0.96 on revenue of $61.34 million. Second-quarter results compare to the Thomson Reuters consensus estimates for an EPS loss of $1.57 and $90.16 million in revenue.
For the third quarter of 2014 the company expects lease and incentive revenues to total $80 to $86 million and gross margins to be between 46% and 50%. Operating expenses are pegged at $210 to $225 million and the non-GAAP per share loss is expected to be in the range of $2.05 to $2.15.
The analysts’ consensus estimates for the third quarter call for an EPS loss of $1.59 on revenues of $116.52 million. The company’s own estimate for a larger loss will hit the shares in after-hours trading Thursday and carry over into Friday.
SolarCity expects to install a record 260 megawatts of solar energy systems in the third quarter and 920 to 1,000 megawatts for the full 2015 fiscal year. The full-year 2015 estimate calls for 920 to 1,000 megawatts of installed systems, an upward revision to a prior figure of 920 to 1,000 megawatts deployed. SolarCity added 44,900 new customers during the quarter and now claims a cumulative total of about 262,500 customers.
SolarCity’s shares traded up about 1% in after-hours trading, at $58.70 in a 52-week range of $45.91 to $79.40. Thomson Reuters had a consensus analyst price target of $82.25 before today’s results were announced.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
