As of this writing, shares of Sunedison were down 2.13% to $21.55 per share after tonight’s earnings report
Sunedison released its latest earnings report after closing bell tonight, posting adjusted losses of 16 cents per share on $610.5 million in GAAP revenue. Adjusted revenue was $625.5 million.
Analysts had been expecting the solar panel maker to post losses of 34 cents per share on $663.3 million million in adjusted revenue for the fourth quarter. In the same quarter a year ago, Sunedison lost $1.09 per share and reported $551.2 million in sales.
GAAP losses were 89 cents per share.
Key metrics from Sunedison’s earnings report
Sunedison completed installations of 383 megawatts of solar energy during the fourth quarter. The company reported 295 megawatts of systems retained on its balance sheet and 467 megawatts of projects underway at the end of the quarter. The company said its solar project pipeline increased to 5.1 gigawatts, while its backlog grew to 2.6 gigawatts at the end of the quarter.
GAAP revenue from Sunedison’s Solar Energy division rose year over year due to higher volumes of solar energy systems sales. Non-GAAP revenue fell year over year due to lower volume of project sales. Revenue for its TerraForm Power segment rose year over year due to increases in revenue from energy and incentives. Sunedison’s Semiconductor Materials revenue fell year over year due to lower selling prices.
Sunedison closes First Wind acquisition
During the fourth quarter, Sunedison management also announced their deal to buy wind developer First Wind.
“The transaction, which has subsequently closed in the first quarter, has positioned SunEdison as the leading renewable power plant developer in the world and will further accelerate our growth and be additive to our fourth quarter pipeline,” said Sunedison CEO Ahmad Chatila in a statement.
Management said they will provide guidance for the first quarter of this year and the full year and updates on their strategy at their Capital Markets Day, which is scheduled for Feb. 24.