SolarCity Corp. (NASDAQ: SCTY) reported first-quarter 2016 results after markets closed Monday afternoon. For the quarter, the solar PV installer posted an adjusted diluted net loss per share of $2.56 on revenues of $122.6 million. In the same period a year ago, the company reported a net loss per share of $1.52 on revenues of $67.48 million. First-quarter results compare to the Thomson Reuters consensus estimates for a loss per share of $2.31 on revenues of $108.44 million.
On a GAAP basis the company posted a net loss of $0.25 per share compared with a loss of $0.22 in the year-ago quarter.
Shares are sinking in the after-hours market as the company’s full-year forecast for new installation has dropped from a prior value of 1.25 gigawatts to a new range of 1 to 1.1 gigawatts. For the second quarter SolarCity expects to install 185 megawatts, a 2% decline compared with a year ago. The company now expects a net loss per share of $2.70 to $2.80 per share, well below the consensus estimate for a net loss of $2.13.
24/7 Wall St.Here’s a passage from the shareholder’s letter:
[W]e exceeded our installation targets for the quarter, and despite an uptick in costs we are already on the path to bring them back down later this year. We have raised $1.1 billion in new project financing through the end of April including a ground-breaking $227 million cash equity transaction with John Hancock that offers both a sizable new financing channel and a reputable valuation of our underlying contracted assets. In turn, we head into the remainder of the year well-positioned not only to achieve our goal of generating positive cash by year-end but reaching the state of our operations in which our MW portfolio will continue to grow along with our cash balance. Though our industry has endured a rocky road over the last several months, we are solely focused on executing on our plan and achieving our targets for this year and beyond.
Shares traded down about 15% in Monday’s after-hours session at $19.09 in a 52-week range of %16.31 to $63.79. The consensus price target is on the stock is $40.29.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
