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Sunrun's Q4'17 net income up on tax reform benefit

Sunrun Inc. on March 6 reported net income available to common stockholders of $58.9 million in the fourth quarter of 2017, or 54 cents per diluted share, compared to $29 million, or 27 cents per diluted share, in the fourth quarter of 2016.

The company said fourth-quarter net income benefited from a one-time tax item of approximately $31.9 million, or 29 cents per diluted share, as a result of the recent federal tax overhaul.

On a GAAP basis, the company generated total revenue of $146.4 million in the fourth quarter of 2017, up from $120.6 million in the fourth quarter of 2016. Total operating expenses for the quarter were $197.9 million, compared with $169.2 million in the fourth quarter of 2016.

For full-year 2017, net income available to common shareholders was $124.5 million, or $1.15 per diluted share, compared to $91.7 million, or 87 cents per diluted share.

SunRun's GAAP revenue for full-year 2017 was $529.7 million, compared to $453.9 million in the same period of 2016. Total operating expenses in 2017 increased to $711.9 million, from $668.8 million in 2016.

The company said it deployed 85 MW of solar during the fourth quarter of 2017, up 10% from 77 MW deployed in the same quarter of 2016. For full-year 2017, megawatts deployed increased to 323 MW from 282 MW in 2016.

In the fourth quarter of 2017, Sunrun's megawatts booked increased to 83 MW, up 15% from the fourth quarter of 2016. The company reported creation cost per watt of $3.30 in the fourth quarter of 2017, compared to $3.41 in the year-ago period.

Sunrun expects to grow its deployment by 15% in 2018, compared to the 2017 results.