Sunrun posts profit in Q1 deployments top guidance

May 13 – US residential solar company Sunrun Inc (NASDAQ:RUN) moved to net profit in the first quarter of 2016 during which it deployed 60 MW of arrays, ahead of its guidance for 56 MW.

On Thursday the company reported a net profit attributable to common stockholders of USD 13.1 million (EUR 11.5m) for the period, versus losses of USD 18 million a year ago and of USD 15 million in the preceding quarter. Earnings per share were USD 0.13.

Pro forma net present value (NPV), excluding items related to its Nevada exit, however, declined to USD 20.6 million from USD 23.3 million in the same period of 2015. Total revenues were up 99% to USD 98.7 million.

Sunrun confirmed its guidance for full-year deployments of 285 MW and said it would focus mainly on achieving NPV of above USD 1 per watt in the second half of the year. The company expects to install 60 MW in the second quarter.

First-quarter deployments represent year-over-year growth of 63%. Pro forma net bookings in the period were up 46% from a year ago to 56 MW.

Recommends: