Advertisement
Singapore markets open in 7 hours 14 minutes

  • Straits Times Index

    3,300.04
    -3.15 (-0.10%)
     

  • S&P 500

    5,195.73
    +14.99 (+0.29%)
     

  • Dow

    38,919.84
    +67.57 (+0.17%)
     

  • Nasdaq

    16,378.24
    +29.00 (+0.18%)
     

  • Bitcoin USD

    63,464.74
    +460.01 (+0.73%)
     

  • CMC Crypto 200

    1,314.91
    -50.21 (-3.68%)
     

  • FTSE 100

    8,313.67
    +100.18 (+1.22%)
     

  • Gold

    2,325.50
    -5.70 (-0.24%)
     

  • Crude Oil

    78.94
    +0.46 (+0.59%)
     

  • 10-Yr Bond

    4.4430
    -0.0460 (-1.02%)
     

  • Nikkei

    38,835.10
    +599.03 (+1.57%)
     

  • Hang Seng

    18,479.37
    -98.93 (-0.53%)
     

  • FTSE Bursa Malaysia

    1,605.68
    +8.29 (+0.52%)
     

  • Jakarta Composite Index

    7,123.61
    -12.28 (-0.17%)
     

  • PSE Index

    6,618.58
    -33.91 (-0.51%)
     

SolarCity (SCTY) Stock Crashes on Q1 Earnings Miss, Weak Outlook

Madeleine Johnson
Updated

SolarCity Corp. SCTY just released its first quarter fiscal 2016 earnings results, posting an earnings loss of $-2.56 per share and revenue of $122.6 million.  

Currently, SCTY has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

SolarCity:                                                

1. Missed earnings estimates. The company posted an earnings loss of $-2.56 per share, lagging behind our Zacks Consensus Estimate of a loss of $-2.30 per share (this number excludes $2.31 from non-recurring items).

ADVERTISEMENT

2. Beat revenue estimates. The company saw revenue figures of $122.6 million, surpassing our consensus estimate of $105 million and increasing 81.6% year-over-year.

3. Reported 214 MW installed for a cumulative total of 2.2 GW, and a cost of $3.18 per Watt with installation costs of $1.98 per Watt.

4. Expects GAAP revenue from periodic billions of $105-108 million, operating expenses in the range of $240-250 million, and non-GAAP loss per share between $2.70-2.80 for the second quarter, well below analysts’ original forecast of a loss of $-2.13 per share.

5. SCTY was down $3.37, or 14.97%, to $19.14 as of 4:49 PM ET in after-hours trading shortly after its earnings report was released.

Here’s a graph that looks at SolarCity’s performance over the past 3 months:

SolarCity Corporation provides clean energy services. The company offers solar power, energy efficiency and electric vehicle design, monitoring and maintenance services to homeowners, businesses, schools, non-profits, and government organizations in the United States. SolarCity is headquartered in San Mateo, California.

Check back later for our full analysis onSolarCity’s first quarter earnings report!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
SOLARCITY CORP (SCTY): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research