SolarCity shares were off as much as 4% in after-hours trading after the company reported abbreviated earnings and said it would delay the release of its complete earnings announcement by a week.
“As a result of the accounting related to recent acquisitions as well as a change in overhead allocation owing to an increase in the volume of MW deployed, we will release complete GAAP financial results after the close of the market on Monday, March 3, 2014,” the company said in a press release.
They noted leasing revenue declined 11% quarter-over-quarter, which they attributed to “seasonally lower solar production during the winter quarters.”
The Elon Musk-chaired firm did say 2014 is on track.
“For Q1 2014, we expect MW deployed of between 78 MW – 82 MW, up 74% year-over-year at the midpoint and consistent with our targets for the year,” said the company. “For 2014, we reaffirm guidance for MW deployed of between 475 MW and 525 MW. We also expect to generate positive cash flow for the full year 2014 (though quarterly variability is possible).”
They also noted costs per watt had declined 30% in 2013.
Despite the delay, management will nevertheless hold its scheduled earnings conference call at 5:00 p.m. ET.
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