Sunrun worker Gonzalo Najera carries a photo voltaic panel earlier than set up at a house in Alamo, Calif., May 17, 2021.
Scott Strazzante | San Francisco Chronicle | Hearst Newspapers | Getty Images
Sunrun shares jumped 11% throughout prolonged buying and selling Wednesday after the corporate posted first-quarter earnings outcomes, together with a 39% improve in buyer orders over the identical time final 12 months.
Here are the numbers, versus estimates from analysts surveyed by Refinitiv:
- Revenue: $495.8 million, versus $401.3 million anticipated.
- Loss: 42 cents per share, versus a lack of 17 cents per share anticipated.
The firm additionally raised its steerage, saying it expects put in photo voltaic capability to be 25% or better for 2022. Sunrun’s prior steerage pegged development charges at 20%.
Sunrun, which is the biggest residential photo voltaic installer within the U.S., added 29,463 clients in the course of the first quarter, a 20% improve from the identical interval in 2021. The firm now has roughly 690,000 clients.
The outcomes come because the trade continues to grapple with provide chain headwinds and inflationary pressures. But the corporate stated it is efficiently passing alongside a few of its larger prices to shoppers.
“Over the last month we successfully implemented meaningful pricing changes to offset higher material and capital costs, and continue to see very strong demand as utility rate inflation exceeds 11% across the country,” stated outgoing chief monetary officer Tom vonReichbauer.
Commodity costs are rising throughout the board, making renewable vitality extra aggressive with fossil fuels. U.S. pure fuel costs surged to the best worth since 2008 on Wednesday.
The firm additionally introduced that vonReichbauer will step down as CFO on the finish of May. Danny Abajian, who’s at present senior vice chairman at Sunrun, will develop into CFO efficient May 30.
Shares of Sunrun are down roughly 30% for the 12 months by Wednesday’s shut.