Despite missing earnings expectations, leading US solar installer Sunrun posted a relatively strong Fourth Quarter and Full Year 2017 financial results and boasted that it had surpassed rival Tesla as the leading US residential market installer.
Sunrun missed its fourth-quarter earnings expectations by $0.13, posting earnings per share of $0.25 (adjusted for pretax gains — $0.54 per share beforehand) and a net income of $58.9 million, an impressive increase of 103% year-over-year. Revenue from operating leases and incentives revenues increased by 31% to $59.5 million, and solar energy systems and product sales increased by 15% to $86.9 million. Total revenue for the fourth quarter was $146.4 million, up 21% year-over-year.
Despite increased performance, the fact that Sunrun missed on EPS expectations saw the company’s shares fall 9% on the back of the news.
Maybe most impressively and importantly was that Sunrun deployed 85 megawatts (MW) in the fourth quarter, and 323 MW across the whole year. Its fourth quarter shipments, therefore, pushed the company over rival Tesla into the top spot for US residential market installers. Tesla energy and storage division reported deployment of 87 MW in the fourth quarter, but that figure includes commercial and industrial systems as well as residential.
“Sunrun is entering 2018 as the residential market leader,” said Lynn Jurich, Sunrun Chief Executive Officer and co-founder. “We achieved our highest unit margins and turned structurally cash flow positive. We expect to deliver an even stronger performance in 2018.”
“Last year households experienced an unprecedented level of power outages driving demand for a more reliable electricity solution. Sunrun is meeting this need with our Brightbox solar and home battery service which is now available in six states and provides affordable electricity with backup power.”
Looking forward, Sunrun is providing limited guidance, committing only to say that “we expect deployments to grow by 15% year-over-year.”
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