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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