logo
Share SHARE
FONT-SIZE Plus   Neg

SolarCity Posts Loss; Stock Tumbles

SolarCity Corp. (SCTY), a provider of solar energy systems, said Wednesday it slipped to a loss for the fourth quarter, hurt by increased expenses that offset growth in revenues.

The California-based company reported fourth-quarter net loss to stockholders of $3 million, compared with net income of $14 million last year.

On a per share basis, net loss to common shareholders for the quarter was $1.10, compared with net income of $0.24 in the prior year.

SolarCity, which made its debut on the Nasdaq last December, said revenues for the quarter rose to $25.3 million from $20.7 million a year ago.

Analysts polled by Thomson Reuters estimated a loss of $0.44 per share on revenues of $36.67 million for the quarter. Analysts' estimates typically exclude special items.

The company's results were mainly impacted by operating expenses that spiked to $37.9 million from $22.3 million in the prior year.

SolarCity's operating activities include collecting energy contract payments, acquiring new customers, operating solar energy systems, among others. During the quarter, the company deployed 48 MW, an increase of 129% from the prior year, while total customers nearly tripled to 8,557.

SolarCity closed Wednesday at $19.27, up 3.88%, on a volume of 0.7 million shares on the Nasdaq. In after hours, the stock dropped $2.02 or 10.48%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT