SolarCity Corp (SCTY) Releases Preliminary Earnings Results

SolarCity Corp (SCTY) Releases Preliminary Earnings Results
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

Shares of SolarCity Corp (NASDAQ:SCTY) initially declined more than 7% after the company posted preliminary results from its fourth quarter. The company said it wouldn’t release the final results until next week because of recent acquisitions and “a change in overhead allocation.” Today’s report includes operating metrics and select preliminary reports.

SolarCity releases operating highlights

During the December quarter, SolarCity Corp (NASDAQ:SCTY) said it hit a new quarterly regard of 103 megawatts deployed. The company reported that residential megawatts deployed rose 130% year over year to 70 megawatts. At the end of the year, the total number of megawatts deployed by the company was 567 megawatts.

SolarCity Corp (NASDAQ:SCTY) reported 101 megawatts booked and a 105% increase in cumulative energy contracts, which rose to 83,265. Cumulative customers increased to 92,998—a 92% year over year increase.

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Because of the long-term nature of SolarCity Corp (NASDAQ:SCTY)’s contracts, the company relies on certain operating metrics, which it reported today. The company said estimated nominal contracted payments remaining rose to $1.989 billion at the end of the year. SolarCity’s retained value forecast rose to $1.052 billion, bringing it to retained value per watt forecast of $1.51 per watt. Undeployed tax equity financing capacity was 171 megawatts as of Feb. 21.

SolarCity provides selected results, updates guidance

For the quarter, the company reported that operating lease revenue was $22.4 million a 595 increase from the same quarter a year ago. However, it declined from the $24.8 million in the third quarter because of seasonally lower solar production over the winter. Total revenue for the quarter rose 87% to $47.3 million.

For the current quarter, SolarCity Corp (NASDAQ:SCTY) said it expects between 78 and 82 megawatts to be deployed—a 74% increase year over year at the midpoint. That’s also consistent with the company’s targets for this year. For the full year, the company reaffirmed guidance of between 475 and 525 megawatts deployed. SolarCity said it would provide more detailed guidance next week.

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