Tag Archives: scty

SolarCity’s Losses Expected To Deepen Amid Slow Rooftop Bookings

No. 1 residential installer SolarCity ( SCTY ) was poised late Monday for its fourth consecutive quarter of double-digit sales growth, but its losses were expected to widen again. The consensus of 18 analysts polled by Thomson Reuters expects SolarCity to report $108.4 million in sales, up 61%. The company, however, is seen posting an adjusted loss of $2.31 a share vs. a $1.52 per-share loss in the year-earlier quarter. SolarCity’s losses have ballooned from below 50 cents in 2013. Previously, SolarCity said it expected its adjusted loss to come in at $2.55-$2.65 a share. The company also anticipated installing 180 megawatts for the period, which would be up 26% vs. the year-earlier quarter. SolarCity stock is down 57% for the year, having crashed 34% since April 22 on reports of slow residential bookings in the first quarter. In early trading on the stock market today , shares were down 3.8% at 21.01. Stock in rival Sunrun ( RUN ) was down 1.9% to 7.36. Last year, SolarCity pledged to curb its annual 80% growth rate — aiming instead for about 40% — in order to narrow its losses. Sales grew 57% in 2015, but losses also deepened to $7.91 a share from $3.88 a share for 2014.

Tesla Motors And ‘Cousin’ SolarCity Breach Key Support

Loading the player… SolarCity ( SCTY ) and Tesla Motors ( TSLA ) are breaching support at key levels in the stock market today. SolarCity reports quarterly results next Monday. The stock rose nearly 5% Wednesday morning on a bullish analyst rating, but it reversed lower amid a market sell-off. SolarCity fell 10.6% to 23.65, breaking below its 50-day moving average in quick turnover. The stock has fallen for five straight sessions. SolarCity is trading about 63% off its 52-week high, as shares have been scorched in recent months by Nevada’s new net-metering rules. Guggenheim initiated coverage on the solar panel installer with a buy rating and a price target of 38. On Monday, Credit Suisse cut its price target on SolarCity to 62 from 89 while maintaining its outperform rating. When it reports after the close next Monday, SolarCity is expected to report a 61% revenue rise, while its per-share loss widens to $2.34 a share from $1.52 a share last year. SolarCity’s “cousin company” Tesla — which is helmed by SolarCity Chairman Elon Musk — reports after the close tonight, Wednesday evening. Tesla stock sank 4.2% to 222.56, breaching support at its 50-day and 200-day lines. Tesla is projected to show a widened bottom-line loss on sales growth of 45% as the automaker ramps up production of its Model X car, projected to go for $80,000 and up. Tesla’s Powerwall battery storage units are now beginning residential installations. SolarCity, whose founders are Musk’s cousins, is incorporating the Tesla batteries into its own energy storage system. Meanwhile, SolarCity rival Sunrun ( RUN ) reports earnings next Thursday. The August 2015 IPO’s sales are projected to come in at $83.4 million, down 16% from Q4, while its loss deepens from last quarter to 53 cents a share. Sunrun is up nearly 60% from its February low, but it is still nearly 50% below its all-time high reached in December. Sunrun fell 1.6% Wednesday . Elsewhere in the solar panel space, Solaredge ( SEDG ) fell 4%, and First Solar ( FSLR ) retreated by 2%. First Solar has lost 16% in five days since reporting weaker-than-expected revenue last week. Sunpower ( SPWR ), which reports earnings Thursday, fell 2.35%.

Will SunPower’s Expected Q1 Loss Torch First Solar, SolarCity?

No. 2 solar developer SunPower ( SPWR ) is expected late Thursday to report its first quarterly loss minus items since Q1 2012, and declining year-over-year sales, a week after top rival First Solar ( FSLR ) missed quarterly sales views by $100 million, citing project timing. IBD’s 20-company Energy-Solar industry group has been whacked daily since First Solar’s report late Wednesday, and on Thursday it fell 4.9%. On Tuesday, reports of slow Q2 bookings for SolarCity ( SCTY ) and Sunrun ( RUN ) prompted a 5.4% plunge for the group. Early afternoon on the stock market today , the group was down a fraction, at a nearly three-month low, with shares of SolarEdge ( SEDG ), First Solar and SunPower — down 5%, nearly 2% and 2.5%, respectively — topping the deluge. Enphase Energy ( ENPH ), which trades around 2, was down hardest at 12%, after its Q1 sales and earnings miss late Tuesday. Enphase’s stock topple likely tugged SolarEdge stock, which competes with Enphase in the module and inverter market. Late Tuesday, Enphase CEO Paul Nahi blamed pricing pressure in the U.S. and internationally for the sales miss. As for SunPower, the consensus of 16 analysts polled by Thomson Reuters expect Q1 sales to fall 24% from Q1 2015, to $328.5 million. They see a 20-cent per-share loss minus items vs. a 13-cent per-share profit in the year-earlier quarter. Three months ago, SunPower guided to $290 million to $340 million in sales, but didn’t offer EPS guidance. The company saw 315 megawatts to 340 MW deployed during Q1.