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Sunrun books 16% deployment growth in Q2

Sunrun Inc. on Aug. 7 announced that it deployed 76 MW of solar installations during the second quarter of 2017, representing a 16% increase from the reported deployment of 65 MW in the comparable quarter of 2016.

"We are pleased to deliver Q2 results that exceeded our guidance and are proud that our customers have now saved $150 million and represent over 1 GW of clean power resources," Sunrun CEO Lynn Jurich said.

For the second quarter of 2017, Sunrun booked 88 MW, an increase of 28% from 69 MW a year ago, while creation cost per watt totaled $3.37, compared to $3.75 in the second quarter of 2016.

On a GAAP basis, the company generated total revenue of $137.8 million in the second quarter of 2017, up 12% from $122.5 million in the comparable period of 2016. Total operating expenses declined to $170.8 million, from $171.0 million a year ago.

Net income available to common stockholders was $25.1 million, or 23 cents per diluted share, rising from $32.6 million, or 31 cents per diluted share, in the second quarter of 2016. The S&P Capital IQ normalized EPS estimate for the quarter was 22 cents, while the S&P Capital IQ GAAP EPS estimate for the quarter was 20 cents.

The company expects to deploy about 88 MW in the third quarter of 2017 and 325 MW for the full year.