Sunrun employee Gonzalo Najera carries a solar panel before it was installed in a home in Alamo, California on May 17, 2021.
Scott Strazzante | San Francisco Chronicle | Hearst Newspapers | Getty Images
Shares of Sunrun jumped 11% in extended trading on Wednesday after the company reported first-quarter results, including a 39% increase in customer orders from the same period last year.
Here are the numbers, compared to estimates from analysts polled by Refinitiv:
- Revenue: $495.8 million, vs $401.3 million expected.
- Loss: 42 cents per share, against an expected loss of 17 cents per share.
The company also raised its forecast, saying it expects installed solar capacity to be 25% or more for 2022. Sunrun’s earlier forecast pegged growth rates at 20%.
Sunrun, which is the largest residential solar installer in the United States, added 29,463 customers during the first quarter, an increase of 20% compared to the same period in 2021. The company now has approximately 690,000 customers .
The findings come as the industry continues to grapple with supply chain headwinds and inflationary pressures. But the company said it was successfully passing on some of its higher costs to consumers.
“Over the past month, we have successfully implemented significant price changes to offset rising material and capital costs, and we continue to see very strong demand as utility rate inflation exceeds 11% nationwide,” said outgoing CFO Tom vonReichbauer.
Commodity prices are rising across the board, making renewables more competitive with fossil fuels. U.S. natural gas prices hit the highest price since 2008 on Wednesday.
The company also announced that vonReichbauer will step down as chief financial officer at the end of May. Danny Abajian, who is currently senior vice president at Sunrun, will become chief financial officer effective May 30.
Sunrun shares were down about 30% for the year through Wednesday’s close.