One of America’s leading residential solar installers, Sunrun, posted yet another strong quarter, this week announcing that it had beat expectations and deployed 90 MW and taken in total revenue of $141.3 million for the third quarter of 2017.
The San Francisco-based company reported on Wednesday its third quarter financial results, with total deployments of 90 MW (megawatt) for the quarter at $3.34 per-Watt, an increase of 12% year-over-year and an 18% increase over the previous quarter — not to mention exceeding the company’s own guidance of 88 MW. Therefore, as of the end of the third quarter, Sunrun’s cumulative MW deployed has reached 1,117 MW.
Financially, total revenue for the quarter was $141.3 million, up $29.3 million, or 26% from the same quarter a year ago, and well in line with the $137.8 taken in during the second quarter of 2017. This included operating leases and incentives revenue of $58.5 million, up 35% year-over-year. Net Present Value (NPV) of $93 million was created during the third quarter, an increase of 21% year-over-year. The company also posted earnings per share of $0.25.
“Our positive momentum continues in Q3. We are reiterating our full-year guidance of 15% growth in volumes while increasing our annual NPV target to 40% growth,” said Lynn Jurich, Sunrun’s chief executive officer. “I am proud of the company’s performance and industry leadership. We have brought clean, affordable energy to more than 160,000 American families and provided job opportunities in hundreds of communities across the country. We have delivered our highest unit economics in the company’s history and increased our cash balance, even while continuing to invest in new markets, BrightBox and grid services.”
Looking forward, Sunrun expects to deploy approximately 87 MW worth of solar, meeting its original target of 325 MW deployed for 2017.
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