Sunrun worker Gonzalo Najera carries a photo voltaic panel earlier than set up at a house in Alamo, Calif., Could 17, 2021.
Scott Strazzante | San Francisco Chronicle | Hearst Newspapers | Getty Pictures
Sunrun shares jumped 11% throughout prolonged buying and selling Wednesday after the corporate posted first-quarter earnings results, together with a 39% enhance in buyer orders over the identical time final 12 months.
Listed below are the numbers, versus estimates from analysts surveyed by Refinitiv:
- Income: $495.8 million, versus $401.3 million anticipated.
- Loss: 42 cents per share, versus a lack of 17 cents per share anticipated.
The corporate additionally raised its steerage, saying it expects put in photo voltaic capability to be 25% or larger for 2022. Sunrun’s prior steerage pegged progress charges at 20%.
Sunrun, which is the most important residential photo voltaic installer within the U.S., added 29,463 clients through the first quarter, a 20% enhance from the identical interval in 2021. The corporate now has roughly 690,000 clients.
The outcomes come because the trade continues to grapple with provide chain headwinds and inflationary pressures. However the firm mentioned it is efficiently passing alongside a few of its increased prices to shoppers.
“Over the past month we efficiently applied significant pricing modifications to offset increased materials and capital prices, and proceed to see very sturdy demand as utility charge inflation exceeds 11% throughout the nation,” mentioned outgoing chief monetary officer Tom vonReichbauer.
Commodity costs are rising throughout the board, making renewable power extra aggressive with fossil fuels. U.S. pure gasoline costs surged to the very best value since 2008 on Wednesday.
The corporate additionally introduced that vonReichbauer will step down as CFO on the finish of Could. Danny Abajian, who’s at the moment senior vice chairman at Sunrun, will change into CFO efficient Could 30.
Shares of Sunrun are down roughly 30% for the 12 months via Wednesday’s shut.
