Vivint Solar Records Confident Third Quarter Earnings
Vivint Solar has reported a confident series of third quarter earnings figures, including increased installations and revenue.
The Utah-based solar leasing firm published its third quarter earnings report on Monday, revealing a total of approximately 61 MW installed during the quarter, which is up 24% year-over-year, and brings the company’s total cumulative installations up to 400 MW. Vivint Solar also took in approximately 71 MW of bookings for the quarter, up 15% year-over-year, continuing their strong position in the market.
Profit for the quarter (net income available to common stockholders) was a reasonable $468,000. This compares remarkably favorably on the same quarter in 2014, when the company actually saw a loss of $35 million, but is down considerably on the previous 2015 quarter, which saw a profit of $13 million.
Vivint Solar finished the third quarter with an estimated retained value of approximately $793 million, increasing $113 million in the quarter, and 99% year-over-year.
This quarter also saw Vivint Solar announce itself as a partner with Google in the internet megalith’s Project Roof endeavor. Project Roof is the latest $20-project , the brainchild of Google employee Carl Elkin, which allows anyone to utilize “high-resolution aerial mapping (the same used by Google Earth) to help you calculate your roof’s solar energy potential, without having to climb up any ladders.”
“Vivint Solar teaming up with Google is giving homeowners across the country immediate insight, information and access to rooftop solar power—that’s good for everyone,” said Greg Butterfield, CEO of Vivint Solar.
The company’s shares have suffered quite impressively over the last year, thanks in large part to the news that Vivint Solar would be acquired by SunEdison for $2.2 billion. However, with news of a solid third quarter, Vivint Solar’s share price has increased a few percentage points over the last few days, and also acquired a recommendation of “Hold” from analysts.
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