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SolarCity Posts Loss; Stock Tumbles

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SolarCity Corp. (SCTY: Quote), 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%.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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