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Sunrun's Q2'18 net income falls, deployment rises YOY

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Sunrun's Q2'18 net income falls, deployment rises YOY

Sunrun Inc. on Aug. 9 reported net income available to common shareholders of $7.4 million, or 6 cents per diluted share, in the second quarter of 2018, down from $18.3 million, or 17 cents per diluted share, a year ago.

The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was 24 cents per share.

Total revenue was $170.5 million, an increase from $130.6 million a year prior. Sunrun also reported total operating expenses of $205.5 million, an increase over $171.3 million in the second quarter of 2017. Solar energy systems and product sales increased to $78.9 million from $72.5 million a year ago.

In the second quarter of 2018, Sunrun deployed 91 MW, compared to 76 MW deployed in the same quarter of 2017. Creation cost per watt was $3.12 in the second quarter of 2018, compared to $3.37 a year ago.

The company expects to deploy approximately 100 MW in the third quarter of 2018. For full-year 2018, Sunrun continues to expect deployments to grow 15% year over year.