When Vivint Solar Inc. (NYSE: VSLR) reported its fourth-quarter financial results after the markets closed on Thursday, the company posted a net loss of $0.41 per share (EPS) and $41.8 million in revenue. That compared with consensus estimates from Thomson Reuters of a net loss of $0.45 per share and revenue of $42.09 million. In the same period of last year, Vivint said it had a per-share net loss of $0.50 and $16.03 million in revenue.
During the quarter, the company booked approximately 57 megawatts (MW) and installed 47 MWs. The total cumulative MWs installed were roughly 681, with quarterly installations totaling 6,460 and cumulative installations at 99,598.
At the end of December 2016, the company had fully drawn down on its working capital facility, had $188 million in undrawn capacity in the aggregation facility and had about 114 MWs of installation capacity remaining in its tax equity funds. As of March 9, 2017, Vivint Solar extended the term of the availability period for borrowing under its aggregation credit facility by an additional three years to March 2020 and the final maturity to September 2020.
In terms of guidance for the first quarter, the company expects to install between 43 and 46 MWs with a cost per watt in the range of $2.95 to $3.05. For the 2017 full year, the company expects MWs in the range of 210 to 230 with a cost per watt in the range of $2.82 to $2.94.
The consensus estimates call for a net loss of $0.40 per share and $41.31 million in revenue for the coming quarter. For the 2017 full year, analysts are expecting a net loss of $1.78 per share and $233.78 million in revenue.
On the books, the cash and cash equivalents totaled $96.6 million, up from $92.2 million at the end of the same period in 2015.
Shares of Vivint Solar were trading up over 9% at $3.00 early Friday, with a consensus analyst price target of $5.66 and a 52-week trading range of $2.15 to $4.06.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
