Sunrun Inc. (NASDAQ: RUN) reported its second-quarter financial results after the markets closed on Thursday. As one of the up-and-coming solar companies, Sunrun is looking to make its mark on the industry. With this earnings report, Sunrun is well on its way to doing so.
The company posted $0.31 in GAAP diluted earnings per share (EPS) on $123 million in revenue. Consensus estimates from Thomson Reuters called for a net loss of $0.45 per share on revenue of $119.5 million. In the same period of last year, it posted $72.7 million in revenue.
During the second quarter, total deployments totaled 65 megawatts (MW), with a cumulative 721 MW deployed. Net bookings were 74 MW, representing 21% year-over-year growth.
In terms of guidance for the third quarter and full year, the company expects to deploy 72 MW and 270 to 280 MW, respectively.
Analysts so far are looking for a net loss of $0.48 per share on revenue of $130.21 million for the third quarter. For the full year, the consensus estimates are a net loss of $1.56 per share on $479.35 million in revenue.
Lynn Jurich, CEO of Sunrun, commented on earnings:
We are pleased with our performance in the second quarter as we continue to grow and create customer value in 2016. We deployed 65 MW in Q2 while improving creation costs over 10% compared to the first quarter and delivering $51 million of NPV. We believe we are well positioned to continue to build growth and customer value that will differentiate us as the leader in bringing local clean energy direct to consumers.
On the books, Sunrun’s cash and cash equivalents totaled $217.3 million at the end of the quarter, versus $213.1 million at the end of 2015.
Shares of Sunrun were trading up more than 22% to $6.62 on Friday, with a consensus analyst price target of $11.17 and a 52-week trading range of $4.86 to $14.95.
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