One of the United States’ leading residential solar installers, Sunrun announced this week that it had exceeded 1 GW worth of cumulative installations after 10 years, but despite continued incremental growth, the company fell short of market expectations in its second quarter.
Sunrun published its second quarter earnings report this week, and it was a mixed bag of good and bad news. The company deployed 76 MW (megawatts) worth of solar in the second quarter, a 16% year-over-year increase, and slightly up on the 73 MW installed in the first quarter. This also served to bring the company’s cumulative installations up over 1 GW after 10 years of doing business. Sunrun booked a total of 88 MW worth of new orders, up 28% year-over-year, and up on the 74 MW booked in the first quarter.
Financially, total revenue reached $137.8 million in the second quarter, up $15.3 million or 12% year-over-year, but down from the $104.1 million taken in during the first quarter. This subsequently missed market analyst expectations by $5.5 million, and saw earnings per share dip to $0.23 per share, down $0.08 on market expectations and year-over-year, but up significantly on the $0.12 per share attributable in the first quarter.
“We are pleased to deliver Q2 results that exceeded our guidance and are proud that our customers have now saved $150 million and represent over 1 GW of clean power resources,” said Lynn Jurich, Sunrun’s chief executive officer. “We continue to innovate and expand, having launched in seven new markets this year while also exploring more ways distributed energy resources can deliver value to consumers and modernize our energy infrastructure.”
Looking forward, Sunrun expects to deploy approximately 88 MW worth of new residential solar in the third quarter and continue to guide a total of 325 MW for the full-year.
It was a topsy turvy earnings report for the company, but it is probably still comfortable with its current position. Earlier this year, Sunrun announced that it had expanded its operations into seven new US state markets, nearly doubling its market reach in just under four months.