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
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT