Sunrun’s Topsy-Turvy First Quarter Sees Deployments Down But Revenue Up 36%
The leading US residential solar installer Sunrun earlier this month announced its first-quarter earnings which, despite revealing the company’s deployments were down 7% for the quarter, nevertheless reported that revenue was up by an impressive 36%.
Sunrun announced its first-quarter earnings on May 9, in which it boasted that the company created $65 million worth of Net Present Value, an increase from 16% year-over-year. The company deployed 68 MW for the quarter, down from 73 MW in the same quarter a year earlier, making for a 7% decline, and down 25% over the immediately previous quarter.
Revenue for the quarter grew by 36% year-over-year to $67 million, and up 12% on the fourth quarter of 2017, which itself was up 31%. Solar energy systems and product sales increased by also increased in the first quarter, up 38% year-over-year to $77.4 million, helping to bump total revenue up to $144.4 million, up $39.3 million, or 37%, from the first quarter of 2017, and only marginally down on the strong previous fourth quarter.
“People want the freedom to take control of their energy and improve their family’s lives. We are proud to have delivered reliable, clean energy and more than $200 million in savings to our 189,000 customers,” said Lynn Jurich, Sunrun Chief Executive Officer and co-founder, in the company’s press release. “Sunrun is in the market leading position and is cash flow positive. We will use this athletic position to expand our service offerings and markets to improve the resiliency of our energy system and combat climate change.”
Sunrun’s drop in quarterly solar deployments may only be temporary, as well, considering that the company is expecting to deploy 88 MW in the second quarter which, if they manage it, would reflect 16% year-over-year growth. The US residential solar market continues to grow and expand, despite recent setbacks to the solar industry at large, and only time will tell if companies’ optimism is well-founded.
Investors were obviously impressed with the company’s accomplishments, with company shares jumping 24% on the back of the news and stabilising around 15% up.
I reached out for further comment and will update as appropriate.
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