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Vivint Solar books USD-20.1m net profit in Q4

Residential solar system. Author: David TREBOSC. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

March 17 (Renewables Now) - US residential solar company Vivint Solar (NYSE:VSLR) on Thursday reported net profit available to stockholders of USD 20.1 million (EUR 18.1m) for the fourth quarter of 2016, versus a loss of USD 13.2 million a year earlier.

Non-GAAP net loss narrowed to USD 45.4 million from USD 53.3 million. Earnings per share (EPS) were USD 0.18, against a loss of USD 0.12 last time, while on non-GAAP basis, EPS were a loss of USD 0.41, compared to a loss of USD 0.50 in the final quarter of 2015.

Revenue rose 161% to USD 41.8 million, with operating leases and incentives revenue growing 63% to USD 25.3 million. Estimated retained value increased by about USD 86 million over the quarter to some USD 1.3 billion.

The company installed about 47 MW in the quarter, down from close to 59 MW in both the preceding and year-ago quarters. It booked around 57 MW. In the first quarter of 2017, it expects to install between 43 MW and 46 MW, while for the whole of 2017 installations are seen at 210 MW-230 MW.

Cost per watt is expected to range from USD 2.95 to USD 3.05 in the current quarter and at USD 2.82-2.94 in the full year. In the fourth quarter of 2016 it was USD 3.08.

The table below gives more details about the company's fourth-quarter and 2016 results.

Figures in USD Q4 2016 Q4 2015 2016 2015
Total revenue 41.8m 16m 135.2m 64.2m
Operating profit (loss) (38.1m) (55.7m) (202.5m) (231.1m)
Net profit available (loss attributable) to common stockholders 20.1m (13.2m) 18m 13.1m
Non-GAAP net profit (loss) (45.4m) (53.3m) (205.9m) (253.3m)

(USD 1.0 = EUR 0.930)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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