Sunedison Inc released the earnings results from its most recently completed quarter, posting non-GAAP losses of 68 cents per share on non-GAAP $540.5 million in revenue. Analysts had been expecting losses per share of 24 cents on $653.5 million in revenue. In the same quarter last year, Sunedison reported flat earnings on $611.5 million in revenue.
Key metrics from Sunedison’s earnings report
GAAP losses per share were $1.06, while GAAP revenue was $681.2 million.
Sunedison retained 251 megawatts of solar energy on its balance sheet and had 610 megawatts under construction at the end of the quarter. The solar panel installer reported that its solar project pipeline increased to 4.5 gigawatts and its backlog rose to 1.8 gigawatts as of the end of the quarter.
The company used $276.3 million in operating cash during the quarter due to working capital changes and investments in growth. Sunedison had -$567.7 million free cash flow due to solar project financing and construction, acquisitions and capital expenditures. The company spend $86.8 million on capital expenditures during the quarter.
The company also said it completed the TerraForm Power Inc (NASDAQ:TERP) initial public offering.
Sunedison provides guidance
Along with the third quarter earnings report, Sunedison also revised its fourt and full year guidance.The company expects non-GAAP sales volume of between 84 megawatts and 124 megawatts in the fourth quarter. It expects to retain between 251 megawatts and 361 megawatts in solar energy systems on its balance sheet in the quarter and complete between 335 megawatts and 485 megawatts in solar power systems. Sunedison also expects project pricing to be between $2.50 and $2.75 per watt.
For the full year, the company expects non-GAAP sales volume of between 260 megawatts and 300 megawatts. Sunedison expects to retain between 740 megawatts and 850 megawatts in solar power systems on its balance sheet for the full year and complete between 1,000 megawatts and 1,150 megawatts in solar power systems during the year. Sunedison also projects solar power project pricing to be between $2.50 and $3 per watt.