Sunrun's (RUN) Q2 Earnings Miss Estimates, Revenues Beat
Zacks Investment Research | Aug 08, 2019 07:19AM ET
Sunrun Inc. (NASDAQ:RUN) reported loss of a penny per share in second-quarter 2019 against the Zacks Consensus Estimate of earnings of 17 cents. The bottom line also deteriorated from the year-ago quarter’s earnings of 6 cents per share.
Revenues
Sunrun’s revenues of $204.6 million in the quarter surpassed the Zacks Consensus Estimate of $189 million by 8.3%. Revenues also rose 20% from the year-ago quarter’s $170.5 million.
Operational Highlights
Total operating expenses were $267.4 million in the second quarter, up 30% year over year. Operating expenses in the reported quarter grew on escalated costs of customer agreements and incentives, high costs of solar energy systems and product sales, increased sales and marketing expenses, higher general and administrative costs, and elevated research and development expenses.
Interest expenses were $42.3 million, up approximately 32.7% on a year-over-year basis.
Total cost of revenues was $156.9 million, increasing 29% year over year.
Key Highlights
In the reported quarter, Megawatt (MW) deployed increased 13% to 103 MW from 91 MW in the second quarter of 2018.
Creation cost per watt was $3.33 in the second quarter of 2019 compared with $3.12 in the year-ago quarter. Net Present Value (NPV) created in the quarter was $95 million, reflecting a 23% year-over-year increase from $77 million in the second quarter of 2018.
Sunrun’s net earning assets as of Jun 30, 2019, were $1.4 billion, up $139 million or 11% from the prior-year quarter.
The company’s customer base grew 26% year over year to 255,000.
Sunrun Inc. Price, Consensus and EPS Surprise
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