Shares of Sunrun Inc (NASDAQ:RUN) are shining Thursday after the company posted an unexpected quarterly profit.
The solar energy services provider reported net income of $55.5 million, or $0.25 per share, whereas analysts had predicted a loss of $0.25 per share. In the year-ago quarter, Sunrun posted a loss of $12.4 million, or $0.06 per share.
Revenue rose to $590.2 million from $584.6 million last year but fell short of Street expectations of $627.7.
Still, investors basked in the surprise profit, sending Sunrun shares nearly 16% higher Thursday morning to $20.67.
“We are seeing a tremendous acceleration in storage attachment rates on new sales, in California and across the country, which provides increased customer value and superior margins for Sunrun, while building a foundation of controllable generation assets that enables a clean energy future for all," CEO Mary Powell said in a statement.
"Recent sales performance in California is encouraging and sales growth outside of California remains robust, allowing us to reiterate our guidance for 10% to 15% growth in new installations this year, which we believe represents strong market share gains.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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