SolarCity Corp (SCTY) Adds 21,318 New Customers In 4Q


solarcity

SolarCity Corp (NASDAQ:SCTY) said that it was able to add 21,318 fresh customers during the fourth quarter. The company also said that MW booked per fresh customer was higher during the December quarter citing increased mix of commercial and new Solar Strong contracts. It was serving the multi-unit military housing, which needed bigger system sizes.

SolarCity Corp (NASDAQ:SCTY) disclosed that energy contracts grew by 21,406 during the December quarter and its Estimated Nominal Contracted Payments Remaining advanced by a net $837 million after the third quarter ended. The company disclosed that these metrics as better for its fresh sales activity compared to revenue. This was because it was recognized as payments received from customers and spread over 2 – 3 decade lives of its lease, loan contracts, and PPA.

4Q Results

The company suffered a net loss of $141.44 million in the fourth quarter. In comparison, it incurred a net loss of $39.8 million in the prior year quarter. On an adjusted basis, it would have incurred a loss of $1.33 a share, which was wider the Street analysts’ estimations of a loss of $1.27 a share.

SolarCity Corp (NASDAQ:SCTY)’s top line surged 52% to $71.81 million from $47.3 million in the previous year quarter. Street analysts’ predicted the company to generate $71.75 million revenue. Revenue from operating leases and solar energy systems more than doubled to $49.21 million from $22.36 million. However, revenue from solar energy systems and components sales fell 9.4% to $22.6 million from $24.94 million in the same quarter last year.

Full Year Results

The company’s net loss widened to $375.23 million from $151.76 million in the prior year. Its total revenues jumped 55.7% to $255.03 million from $163.8 million in the previous year.

The company ended the year with cash and cash equivalents of $504.38 million.

Guidance

Moving ahead, SolarCity Corp (NASDAQ:SCTY) said that it projects $47 – $52 million revenue from operating lease and solar energy systems incentive for the first quarter. The company expects solar electricity production to remain lower during the winter season.

Full Release: here

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

You may also like...

Read previous post:
apple watch
20 Million Apple Inc. (AAPL) Watches Are Expected To Be Sold Based On Research Report

Even before Apple Inc. (NASDAQ:AAPL) could launch its watch, analysts have raced to start predicting different sales numbers to be...

Close