SolarCity cuts 2014 solar installation guidance to 520 MW

Nov 6, 2014 - US-based SolarCity Corp (NASDAQ:SCTY) yesterday guided for a non-GAAP loss per share of up to USD 1.35 (EUR 1.08) in the fourth quarter of 2014 and slightly lowered its full-year installation forecast to 505 MW-520 MW.

The solar solutions provider expects to book a non-GAAP loss per share of between USD 1.25 and USD 1.35 in the closing quarter of the year. In July-September, it registered non-GAAP diluted earnings per share (EPS) of USD 0.19.

SolarCity projects it will deploy 179 MW-194 MW of solar photovoltaic (PV) capacity in the fourth quarter, as compared to 137 MW in July-September. For the full year, the company reduced its PV installation guidance to between 505 MW and 520 MW from 500 MW-550 MW previously. The forecast for 2015 remains unchanged at 920 MW-1,000 MW.

In Wednesday’s statement, SolarCity also said it expects to book operating lease and solar energy systems incentive revenues of between USD 47 million and USD 52 million in the current quarter, while solar energy system sales are seen at USD 20 million-24 million.

The company returned to a net profit of USD 19.2 million in the third quarter of 2014 after losing USD 2.1 million a year back. Revenues climbed by 20% to USD 58.3 million.

(USD 1.0 = EUR 0.800)

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