Boston, MA 08/11/2014 (wallstreetpr) – According to reports, SolarCity Corp (NASDAQ:SCTY) declared its financial results for Q2 2014. The company managed to narrow down its non-GAAP loss figure to 96 cents per share, well below from the loss figure of $1.00 which was estimated by Zacks Consensus Estimate.
Details of financial results:
The current loss figure of SolarCity Corp (NASDAQ:SCTY) is higher than the last year’s loss of 43 cents per share and the main reason behind it is but the increased fixed cost of the company over the last one year. Other than the fixed cost, two other factors responsible for increased loss figure are higher operating expenses and increased share count. When it comes to GAAP loss, SCTY managed loss figure of 52 cents per share in the Q2 2014.
The company not only managed to post lesser revenues than the expectations of market experts, but also earned more revenues than the expectations. According to reports, SCTY’s revenue figure in Q2 was $61.3 million, 0.5% more than the Zacks Consensus Estimate. The market conditions in terms of solar energy systems incentives and operating leases have improved over last one year; therefore, SCTY’s revenue has ascended as much as 61.6% in last twelve months.
As soon as SolarCity Corp (NASDAQ:SCTY) reported financial results, market responded positively. According to reports, the share price of company’s stocks went up by 3.8% and touched $75.63 after the announcement of results. SCTY could post gross profit figure of $8.1 million in the Q2 2013, but in Q2 2014 it managed to post an eye-popping GP figure of $22.9 million.
Operating results:
The production of SolarCity Corp (NASDAQ:SCTY) touched 107 megawatt (MW) in Q2 2014, nearly 102% more than the production of the previous year. The main reason behind the increment in production was but the residential MW deployment which increased by 111% over the past one year. On the basis of excellent production figures in Q2, the total installed capacity of SCTY touched 756 MW on Jun 30, 2014.
