US residential solar installer Vivint Solar has reported yet another solid quarter this week, revealing installations and revenue remained relatively unchanged from previous quarters in its continued efforts to bounce back after a torturous 2016.
The last three years have been a roller-coaster for Utah-based Vivint Solar, including massive declines in the company’s share price, a failed merger with soon-to-be-bankrupt SunEdison which resulted in a rocky few quarters throughout 2016. A year ago, the company reported total revenue for the third quarter of only $41.3 million — though this was nearly double the $22.5 million taken in during the third quarter of 2015. In fact, the company only brought in total revenue for 2016 of $105.4 million.
Fast-forward to this week and Vivint Solar isn’t seeing strong quarter-to-quarter growth, but as regards the company’s current position, things are definitely looking up.
Total revenue for the third quarter of 2017 was $75.1 million — up 82% from the $41.3 million taken in a year ago, but only a smidge over the $73 million taken in during the previous quarter. Operating leases and incentives revenue was $45.9 million, up 37% year-over-year. Vivint Solar booked approximately 53 MW (megawatts) of residential solar jobs for the quarter and installed approximately 47 MW — well in line with the company’s historical record, even dating back over a year — installed at a cost-per-Watt of $2.94.
Loss from operations was only $12 million compared to $33.3 million in the same quarter a year earlier, while earnings per share dropped slightly.
Vivint Solar’s shares are nowhere near where they used to be during its heyday back in 2014-15, but similarly, the price has not fluctuated much for well over a year, due primarily to the company’s efforts to stabilize and rebuild.
Looking forward, Vivint Solar’s guidance for the fourth quarter is again well in line with past quarters, with expectations of between 46 and 60 MW worth of solar installed for the quarter at a cost-per-Watt of between $2.90 and $3.00.
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