Investors Cheer Sunrun’s Surprise Q1 Profit
Sunrun shares rose 10% in the wake of the company's first-quarter earnings report due in part to a surprise profit.
Sunrun Inc. (NASDAQ: RUN) released its first-quarter earnings report after the markets closed on Thursday. The company said it had $0.13 in earnings per share (EPS) on $98.7 million in revenue, which compares to consensus estimates that called for a net loss of $0.50 per share. In the same period of the previous year, Sunrun posted a net loss of $0.74 per share on $49.68 million in revenue.
During this quarter, there were total deployments of 60 megawatts (MW), an increase of 63% year over year. Sunrun-built deployments grew 148% in the same period. For the first quarter, the cumulative MW deployed totaled 656.
The company gave its guidance for the second quarter and the full year. Sunrun expects to deploy 60 MW in the second quarter and 285 MW in the full year. The consensus estimates for the second quarter call for a net loss of $0.45 per share on $105.47 million in revenue.
On the books, cash totaled $208 million at the end of the quarter, compared to $204 million at the end of 2015.
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Lynn Jurich, CEO of Sunrun, commented:
The industry has reached a new milestone with one million solar homes underscoring the increasing power and relevance of rooftop solar in our energy future. Sunrun has already saved our customers more than $100 million dollars. Our new BrightBox storage offering extends the profit potential and reach of solar energy.
Shares of Sunrun were trading up 10% at $6.77 Friday morning, with a consensus analyst price target of $13.13 and a 52-week trading range of $4.86 to $14.95.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
