SolarCity (NASDAQ:SCTY) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 10.12%.
SolarCity Earnings Cheat Sheet
Revenue: Decreased 18.62% to $37.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SolarCity reported adjusted EPS loss of $0.31 per share. By that measure, the company beat the mean analyst estimate of $-0.38. It beat the average revenue estimate of $27.44 million.
Quoting Management: “SolarCity delivered solid growth in its operating lease business in the second quarter, with cumulative customers, cumulative energy contracts, and estimated nominal contracted payments all close to doubling from the end of Q2 2012, while the momentum continued with a record month in residential bookings and deployments in July,” said Lyndon Rive, CEO. “Plus, Residential MWs deployed rose 144% Y/Y to drive total MW deployments to the highest quarterly rate yet at 53 MW,” continued Mr. Rive. “With positive net cash flow of $19.4 million (before options/warrant exercise) and estimated nominal contracted payments remaining rising to $1.4 billion, we are building a solid platform for steady, visible cash flow in the decades ahead.”
Key Stats (on next page)…