Sunrun Inc. (RUN - Free Report) reported third-quarter 2018 loss of 2 cents per share, comparing unfavorably with the Zacks Consensus Estimate of earnings of 34 cents. The bottom line also deteriorated from the year-ago quarter’s earnings of 25 cents.
Sunrun’s revenues of $205 million in the quarter surpassed the Zacks Consensus Estimate of $176 million by 16.5%. Revenues also surged 41.8% from the year-ago quarter’s $144.5 million.
Total operating expenses were $228.5 million, which increased 20% year over year. Operating expenses in the reported quarter increased on higher cost of customer agreements and incentives, high cost of solar energy systems and product sales, increased sales and marketing costs, and high research and development expenses.
Interest expenses were $34.5 million, up approximately 48.5% on a year-over-year basis.
Total cost of revenues was $139.4 million that witnessed an increase of 19% year over year.
Sunrun installed a record amount of solar energy and home batteries during the third quarter and thereby witnessed more than 50% year-over-year growth in its direct business.
In the quarter, Megawatt (MW) deployed increased to 100 MW from 91 MW in the second quarter of 2018, recording a 10% increase.
Creation Cost per watt was $3.34 in the third quarter, in line with the figure reported in third-quarter 2017. NPV per watt was $1.00.
Sunrun Inc. Price, Consensus and EPS Surprise