SolarCity Is Surging
Q1 revenue for the San Francisco-based solar services provider increased 112% year-over-year to $63.5 million. That also beat forecasts of $53.4 million.
The firm raised its full-year 2014 guidance to 500-500 megawatts deployed versus a prior statement of 475-525. And they expect 2015 to basically double that, at 900-1,000 megawatts.
They also said they'd set a new quarterly record of booking 136 megawatts-worth of projects, most of it residential, adding 17,664 customers in Q1. They "remain firmly on track to meet our one million customer target by mid-2018."
Adjusted earnings missed by a penny at $0.82 net oss-per-share versus $0.81 expected.
Management projects a slower Q2, with adjusted loss per share of $0.90-$1.
The company confirmed it had added a 15th state, Nevada, to its coverage area.
The stock had fallen more than 9% to $47.71 during trading hours Wednesday.