SolarCity Corp (NASDAQ:SCTY) has delayed its fourth quarter earnings not once, but twice. The solar system maker was initially scheduled to report its Q4 results on Feb. 22. But that was delayed due to accounting issues related to recent acquisitions. SolarCity later discovered another accounting error in calculating overhead expenses.
SolarCity’s partial Q4 results have been impressive
The San Mateo-based company said in a press release that it will announce its fourth quarter results on Tuesday, March 18 after the market close. SolarCity Corp (NASDAQ:SCTY) will also hold a conference call at 5:00 p.m. Eastern on the same day to discuss results. Analysts polled by Thomson Reuters are expecting Q4 loss of 55 cents a share with $45.3 million in revenues. The company had incurred a loss of $1.10 per share on revenues of $25.3 million in the same quarter last year.
However, SolarCity Corp (NASDAQ:SCTY) has already released partial results for the fourth quarter. The company’s quarterly revenues surged 87% YoY to $47.3 million, compared to the consensus of $45.3 million. Its lease revenue in Q4 surged 59% to $22.4 million, coming at the low-end of its guidance of $22 million to $24 million. SolarCity turned cash flow positive in the fourth quarter. It ended 2013 with a cash reserve of $577.1 million. SolarCity said that costs per watt have fallen by 30% through 2013. A large number of new residential energy contracts will ensure that the company delivers a strong 2014 performance.
SolarCity’s residential installations up 130% in Q4
During the fourth quarter, SolarCity Corp (NASDAQ:SCTY) installed a whopping 103MW of panels, compared to just 48MW in the corresponding quarter a year ago. Residential installations surged 130% to 70MW in the latest quarter. The customer count inched up 13% QoQ. With that, the total installations in 2013 came in at 280MW, beating the company’s own guidance of 278MW.
SolarCity Corp (NASDAQ:SCTY) forecasts 78-82MW of panel installations in the current quarter and reiterates its full-year projection of 475-525MW.
SolarCity Corp (NASDAQ:SCTY) shares ticked up 0.54% to $74.10 at 9:40 AM EDT.