Tag Archives: scty

SolarCity Q1 Demand Nipped By Rivals Sunrun, Vivint Solar

No. 1 residential installer SolarCity ( SCTY ) lagged rivals Sunrun ( RUN ) and Vivint Solar ( VSLR ), as March solar applications in California declined year over year, while the entire segment trailed triple-digit commercial growth, a Credit Suisse analyst said Thursday. Credit Suisse analyst Patrick Jobin’s report follows SolarCity’s Q1 earnings, released late Monday. SolarCity stock was blistered this week on Q2 guidance that missed views, while its 2016 installation outlook  was cut on Q1 bookings that fell 150 megawatts flat. Sunrun is slated to report its Q1 earnings late Thursday. In midday trading on the stock market today , SolarCity stock was down 1.5%, after its shares dove 21% on Tuesday in reaction to the company’s earnings report. Sunrun and Vivint stocks were down 3% and 1%, respectively, midday Thursday. SolarCity’s “horrendous” bookings and weak guidance appear to be self-inflicted, Jobin wrote in a research report. “We do see modest growth decelerating in California but note that all growth is not gone,” he wrote. “Sunrun, who reports this afternoon, appears to have fared better in Q1.” For Q1, Sunrun is expected to report $87.7 million in sales, down 12% quarter over quarter, and a 48-cent per-share loss minus items, widening from a 15-cent loss in the previous quarter. SolarCity and Vivint each reported March-quarter losses this week. Excluding Nevada — which accounted for 12 MW in Sunrun’s backlog — Q1 deployments are expected to be flat sequentially. SolarCity and Sunrun exited Nevada in December when regulators cut net-metering payments to solar customers. In March, SolarCity’s residential applications fell 8% year over year vs. 17% and 23% growth from Sunrun and Vivint, respectively, Jobin wrote. Total residential applications for 73 MW of solar to utility companies grew 14.5% vs. last year. The commercial segment was the main driver in March, where 41 MW in total applications were up 136% year over year. Third-party ownership also picked up in March, reaching 62% of all residential applications vs. the 60% average for the second half of 2015.

Sunrun Q1 Losses Set To Mirror SolarCity, Vivint On Nevada Strife

No. 2 residential installer Sunrun ( RUN ) will join top rivals SolarCity ( SCTY ) and Vivint Solar ( VSLR ) in posting a wider loss in Q1, according to the consensus of eight analysts polled by Thomson Reuters. Sunrun stock closed flat Wednesday, at 6.37, ahead of its Q1 earnings out after the close Thursday. Shares are down 46% for the year, where IBD’s 20-company Energy-Solar industry group  is down 41.5%. The group ranks a low No. 170, out of 197 groups tracked. For Q1, Sunrun is expected to report $87.7 million in sales, down 12% sequentially, and a 48-cent per-share loss minus items, widening from a 15-cent loss in the previous quarter. Three months ago, Sunrun guided to 56 megawatts in Q1 deployments, down 18% quarter over quarter. The guide excludes a 12 MW backlog after Sunrun pulled its Nevada operations on regulators’ decision to cut net-metering payments to solar customers. SolarCity also pulled its Nevada operations which, the company says, accounted for about 20 MW in quarterly installations. On Monday, SolarCity cut its 2016 installation guidance, citing slow Q1 bookings related to exiting Nevada.

Canadian Solar’s Sales, EPS Expected To Decline For Fifth Time

Canadian Solar ( CSIQ ) stock continued a nine-day losing streak Tuesday — toppling amid a broad solar inferno — ahead of its Q1 report slated early Wednesday when analysts expect the panel-maker to report a fifth straight quarter of declining sales and earnings. Midday on the stock market today , Canadian Solar stock fell 2%, drawn down on SolarCity ( SCTY ) and Vivint Solar ‘s ( VSLR ) disappointing Q1 reports late Monday. SolarCity and Vivint Solar stocks fell 25% and 5%, respectively. Year-to-date, Canadian Solar stock is down 47%. For Q1, the consensus of 10 analysts polled by Thomson Reuters expects Canadian Solar to report $663.7 million in sales and 14 cents earnings per share minus items, down 23% and 87%, respectively, vs. the year-earlier quarter. Canadian Solar’s sales and EPS have declined for four straight quarters, on a year-over-year basis. Previously, Canadian Solar guided to $645 million to $695 million in Q1 sales, and 1.085 gigawatts to 1.135 GW in module shipments, which would be down 10% at the midpoint vs. the year-earlier quarter. The company also expects 15 megawatts in shipments to its utility-scale solar projects, but revenue from that may not be recognized in Q1.