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Wednesday, July 29, 2015

SolarCity narrows Q2 loss as revenue surges to record

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July 29:


SolarCity, the leader in US solar rooftop systems, halved its second quarter loss to $22.4m, or 23 cents a share, versus a $47.7m loss, or 52 cents, a year earlier.

The California-based company said excluding items, the loss was $1.61 a share, within its $1.60 to $1.70 forecast in May.

The improvement was mainly a result of a 68% surge in revenue to a record $102.8m, as installations in the quarter were a high of 189MW versus 107MW a year earlier.

Residential installations were 168MW against 90MW year-on-year, while commercial rose to 21MW from 17MW. First quarter installations were 153MW – 139MW residential and 14MW commercial.Looking ahead, SolarCity expects to add 260MW in new capacity in the third quarter. It left unchanged its 2015 forecast at 920MW to 1GW, versus 502MW last year.


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