Sunrun worker Gonzalo Najera carries a sun panel prior to set up at a house in Alamo, Calif., Might 17, 2021.
Scott Strazzante | San Francisco Chronicle | Hearst Newspapers | Getty Pictures
Sunrun stocks jumped 11% right through prolonged buying and selling Wednesday after the corporate posted first-quarter profits effects, together with a 39% build up in buyer orders over the similar time ultimate 12 months.
Listed here are the numbers, as opposed to estimates from analysts surveyed by means of Refinitiv:
- Earnings: $495.8 million, as opposed to $401.3 million anticipated.
- Loss: 42 cents consistent with proportion, as opposed to a lack of 17 cents consistent with proportion anticipated.
The corporate additionally raised its steering, pronouncing it expects put in sun capability to be 25% or larger for 2022. Sunrun’s prior steering pegged expansion charges at 20%.
Sunrun, which is the biggest residential sun installer within the U.S., added 29,463 shoppers right through the primary quarter, a 20% build up from the similar length in 2021. The corporate now has kind of 690,000 shoppers.
The effects come because the business continues to grapple with provide chain headwinds and inflationary pressures. However the corporate mentioned it is effectively passing alongside a few of its upper prices to customers.
“During the last month we effectively carried out significant pricing adjustments to offset upper subject material and capital prices, and proceed to look very sturdy call for as application fee inflation exceeds 11% around the nation,” mentioned outgoing leader monetary officer Tom vonReichbauer.
Commodity costs are emerging around the board, making renewable power extra aggressive with fossil fuels. U.S. herbal fuel costs surged to the easiest value since 2008 on Wednesday.
The corporate additionally introduced that vonReichbauer will step down as CFO on the finish of Might. Danny Abajian, who’s recently senior vp at Sunrun, will change into CFO efficient Might 30.
Stocks of Sunrun are down kind of 30% for the 12 months via Wednesday’s shut.
