Sunrun Inc (NASDAQ:RUN), the largest dedicated residential solar company in the US, posted second-quarter results that fell short of profit and revenue estimates, sending shares lower in Friday trading.
For the quarter ended June 2018, the San Francisco-based company posted earnings of US$0.06 per share on revenue of US$170.5mln. The results underwhelmed Wall Street analysts who were calling for earnings of US$0.35 per share on revenue of US$171.5mln.
Revenue rose 30% to $171mln year over year.
Still, the stock plunged 12% to US$12.60.
Sunrun offers customers a power purchase agreement whereby homeowners pay for electricity usage but don’t buy solar panels outright, reducing the initial capital outlay. Sunrun is responsible for installation, maintenance, repairs and keeps the solar energy system and home batteries purring.
The CEO said the solar company would continue to focus on gaining market share by installing solar energy and home batteries.
“We have now delivered clean, resilient and affordable energy to more than 202,000 customers. Given our market leadership position and enormous opportunity for growth, we are investing heavily to strengthen our competitive advantages in customer acquisition and experience,” said Sunrun CEO Lynn Jurich.
That represents a 29% increase from the prior year.
The company said that in the third quarter it expects to deploy approximately 100 megawatts of power.
Contact Uttara Choudhury at [email protected]
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