SolarCity shares were up as much as 20% Thursday after the solar services firm reported solid quarterly earnings and gave higher guidance for 2014.
Following the close of Wednesday’s trading session, the Elon Musk-chaired firm raised its full-year 2014 forecast to 500-500 megawatts deployed versus a prior estimate of 475-525 megawatts. Management expects 2015 to basically double that, at 900-1,000 megawatts.
They also said they’d set a new quarterly record booking 136 megawatts-worth of projects, most of it residential, adding 17,664 customers in Q1. And they are sticking to their goal of 1 million customers in 2018.
Roth Capital Partners’ Philip Shen upgraded the firm to “buy” this morning.
…The company continues to make material progress in nearly all aspects of its business (flow, asset yields, and financing costs). SCTY (1) continues to upside deployment expectations and drive scale; (2) has driven down installation costs by ~30% in two years, and we see improvements ahead; and (3) has pioneered the industry’s first DG solar ABS transactions, driving down its cost of financing materially.
Shares were trading at $US56.20.
Other solar firms including First Solar and SunPower were also higher Thursday.
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