SolarCity Corp just released its fourth quarter fiscal 2015 earnings results, posting earnings of -$2.37 per share and revenue of $115.48 million.
Currently, SCTY has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.
Beat earnings estimates. The company posted -$2.37, beating our Zacks Consensus Estimate of -$2.57.
Beat revenue estimates. The company saw revenue figures of $115.48, surpassing our estimate of $106 million.
The company reported a record 272 megawatts installed for a cumulative total of 1.9 gigawatts. However, SolarCity projected a 2016 first quarter loss of $2.55 per share to $2.65 per share, which is wider than Wall Street’s estimated loss of $2.36 per share.
“The 272 MW we installed in Q4 2015 compared to guidance of 280-300 MW, which had incorporated 15 MW of projects that were not completed by year-end, largely attributable to three large ground-mount projects in the East Coast that encountered greater challenges with terrain conditions than we had anticipated from our initial survey,” the company said in its release.
SCTY was down $6.73, or 25.92%, to $19.52 as of 4:40 PM ET in after hours trading shortly after its earnings report was released.
Here’s a graph that looks at SolarCity’srecent earnings surprise history:
SolarCity Corporation was founded by Tesla Motors CEO Elon Musk and provides clean energy services. The company offers solar power, energy efficiency and electric vehicle design, monitoring and maintenance services to homeowners, businesses, schools, non-profits, and government organizations in the United States. SolarCity was founded in 2006 and is headquartered in San Mateo, California.
Check back later for our full analysis on SolarCity’sfourth quarter earnings report!
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