Connect with us

Hi, what are you looking for?

CleanTechnica
The leading US solar developer SolarCity posted better-than-expected third quarter financial results, posting a markedly improved revenue and smaller losses than analysts had predicted. However, it is the upcoming vote to accept a merger with Tesla that is drawing most of the focus.

Clean Power

SolarCity Posts Better-Than-Expected Q3 Earnings As Tesla Merger Vote Draws Near

The leading US solar developer SolarCity posted better-than-expected third quarter financial results, posting a markedly improved revenue and smaller losses than analysts had predicted. However, it is the upcoming vote to accept a merger with Tesla that is drawing most of the focus.

The leading US solar developer SolarCity posted better-than-expected third quarter financial results, posting a markedly improved revenue and smaller losses than analysts had predicted. However, it is the upcoming vote to accept a merger with Tesla that is drawing most of the focus.

SolarCity posted revenue of $201 million, a 76% year-over-year increase, beating management guidelines and analyst expectations. The company reported a net loss of $225.3 million, or $2.27 per share, less than the predicted $2.29 analysts had been expecting.

The company installed 187 MW worth of solar panels in the third quarter, “significantly exceeding” the company’s guidance of 170 MW. This is good on the surface, but must be taken in context with the rest of the year. SolarCity started the year by predicting it would install 1.25 GW during 2016, and 180 MW in the first quarter. The company again underestimated its installations, installing instead 214 MW and predicting 185 MW for the second quarter, while revising its full year installations down to around 1 GW. In the second quarter SolarCity installed 201 MW and predicted 170 MW for the third quarter, and have subsequently downgraded its full-year installation target down to approximately 900 MW, which means it is anticipating installing around 300 MW in the fourth and final quarter of the year.

Specifics for the fourth quarter are sparse, due to the possibility of an acquisition by Tesla. SolarCity reports that it is heading into a possible merger with a strengthening cash balance, year-to-date revenue up 79%, and gross profit up 91% over the same time a year earlier.

Shareholders from both companies will vote on November 17 as to whether to proceed with the acquisition or not.

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

Advertisement
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Cars

Tesla has released its Safety Score Beta  system, a system for assessing driving behavior and including a gamification element. Gamification usually refers to a marketing...

Clean Transport

Because Tesla only sells electric cars which come under the ZEV category, the company has excess regulatory credits and can effectively sell them at...

Cars

When Jurgen Lunsmann (a former V8 racing car driver) first entered Targa West 3 years ago, he had to put up with 200 jokes...

Cars

National Drive Electric Week runs from September 25th—October 3rd this year and serves as a nationwide celebration to heighten awareness around electric cars. There...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.