logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
An administrative law judge has ruled that Minnesota regulators should approve Enbridge Inc.'s proposal to replace its aging Line 3 crude oil pipeline only if the company follows the existing route and not its preferred route. Enbridge has applied to replace its Line 3 pipeline from Alberta with new pipe along its existing route. In Minnesota, the planned route deviates from the existing route. CLICK HERE to see America's 10 Best-Selling Drugs Despite high drug costs, most of the top-selling drugs saw sales gains in 2017 compared to the prior year. A large number of the best-selling drugs are primarily for the treatment and management of cancer, diabetes, inflammatory disorders, and HIV... Most Americans have access to health care, though costs and services vary from state to state. However, higher costs do not necessarily translate into better results. The U.S. continues to be outperformed by other wealthy nations on several measures like life expectancy, disease burden and health...
Follow RTT