Editor’s Note: Related tickers: SolarCity Corp (NASDAQ:SCTY), Tesla Motors Inc (NASDAQ:TSLA), First Solar, Inc. (NASDAQ:FSLR), SunPower Corporation (NASDAQ:SPWR), LDK Solar Co., Ltd (NYSE:LDK), ReneSola Ltd. (ADR) (NYSE:SOL)
SolarCity Corp (NASDAQ:SCTY), the second-largest U.S. solar company by market value, posted a first-quarter loss as it bore higher costs from installing rooftop solar systems at little or no charge to customers. The loss was $31 million, or 41 cents a share, compared with income of $2.76 million, or 4 cents, a year earlier, San Mateo, California-based SolarCity said today in a statement. That was 9 cents more than the average of six analysts’ estimates compiled by Bloomberg. Sales rose 21 percent to $30 million. This is the company’s second earnings report since its December initial public offering. SolarCity Corp (NASDAQ:SCTY) invested $138.2 million to install solar systems, up 65 percent, as demand for rooftop panels from homeowners and businesses surged. The company is boosting spending now to build projects that will deliver long-term revenue.
SolarCity installations and expenses increase in Q1 2013 (SolarServer)
SolarCity Corp (NASDAQ:SCTY) (San Mateo, California, US) has released results for the first quarter of 2013, reporting that it has beat its guidance to deploy 46 MW of solar photovoltaic (PV) systems, a 12% increase from the first quarter of 2012. The company has expanded its customer base 106% in a year’s time to 57,400. And while SolarCity also reports a 21% year-over-year increase in revenues to USD 30.0 million, its operating margin fell to -73%, with a net loss of USD 28.2 million. “Through our unique, vertically-integrated platform of financing and installing solar systems, we offer customers a compelling value proposition of clean energy for lower than their local utility rate,” said SolarCity Corp (NASDAQ:SCTY) CEO Lyndon Rive.
Short Interest Plays Tricks Ahead Of And Into SolarCity Earnings (247WallSt)
Maybe Elon Musk is the modern real world version of Tony Stark as you are seeing all over the internet. As for his SolarCity Corp (NASDAQ:SCTY), the still relatively new solar power installation outfit reported a hefty loss in the first quarter. As you will see below, it is very difficult to analyze the report and short sellers have been a serious influence here. The good news is that SolarCity has now expanded its customer base by just over 100% from a year ago to over 57,400 customers. The company further said that it has now boosted its long-term contracted cash flows to $1.22 billion. That customer base represents 14% growth on a sequential quarterly basis. Estimated nominal contracted payments remaining rose by 10% sequentially to $1.222 billion. SolarCity Corp (NASDAQ:SCTY)’s core operating lease revenue was $15.1 million, up 85% from a year ago, and total revenue grew 21% year-over-year to $30.0 million.
SolarCity surges to new high (CNN)
Talk about a warm-up. Investors can’t seem to get enough of companies that harness the sun’s power. Shares of SolarCity Corp (NASDAQ:SCTY) soared to an all-time high of $31.89 on Monday. The company has only been public for five months and shares have nearly quadrupled from their $8 IPO price back in December. SolarCity, which installs solar panels, is still among the smaller players but it does have Elon Musk as its chairman. Most people associate Musk with electric car maker Tesla Motors Inc (NASDAQ:TSLA), which has also been on a tear. …Shares of other solar firms were energized by SolarCity Monday. Shares of First Solar, Inc. (NASDAQ:FSLR), SunPower Corporation (NASDAQ:SPWR), LDK Solar Co., Ltd (NYSE:LDK) and ReneSola Ltd. (ADR) (NYSE:SOL) were on the rise.
SolarCity Corp (NASDAQ:SCTY) gained by 9.10%, Myriad Genetics Inc (NASDAQ:MYGN) (NISMagazine)
SolarCity Corp (NASDAQ:SCTY): Friday’s trading session saw SolarCity Corp (NASDAQ:SCTY) shares rising by 9.10%. The opening price of $27.49, moved on to touch an intraday high of $29.12 before sliding down to $27.35 per share. More than 4.68 million shares changed hands in the trading session on Friday. This number was in excess of the average volume of 0.737 million which was calculated over a 30-day period. In recent times, the solar industry has been on the downtrend due to overcapacity. In addition to this, governments from across the globe have been unable to provide it subsidies. However, SolarCity Corp (NASDAQ:SCTY) has been following a very innovatively developed business model that aims at taking advantage of the demand for solar energy solutions, from the ground up.
Musk’s SolarCity, Tesla stock up a half billion! Today! (BizJournals)
Tesla Motors Inc (NASDAQ:TSLA) and SolarCity Corp (NASDAQ:SCTY) made Elon Musk a lot richer on Monday, with both stocks hitting all-time highs and increasing his holdings by about half a billion dollars. His stock in Tesla Motors Inc (NASDAQ:TSLA) rose about 14 percent, giving him a paper gain of about $346 million. The stock has jumped by 57 percent in the past three days. His shares of SolarCity, the solar installer run by his cousins, jumped by more than 24 percent on Monday, giving him a paper gain of nearly $146 million. Musk is SolarCity Corp (NASDAQ:SCTY)’s chairman and biggest shareholder, controlling 20.8 million shares and giving him a nearly 28 percent stake in the San Mateo company.
“An Elon Musk Trade”: Why SolarCity Rose 50% in a Week (WSJ)
What does a company that installs and manages rooftop solar panels have in common with a company that makes expensive cars? When you put it that way, not much. But add in a couple of important extra details and you have the makings of a pretty strange stock market rally, the WSJ’s Anna Prior reported this afternoon: Shares of solar-panel installer SolarCity Corp (NASDAQ:SCTY) continue to surge, up more than 50% since last Tuesday, and Tesla Motors Inc (NASDAQ:TSLA)’s better-than-expected 1Q report last week is getting credit. “It’s an Elon Musk trade,” Raymond James’ Pavel Molchanov tells Dow Jones, noting that while not logical, considering Tesla and Solar City are two distinct non-overlapping businesses, Tesla Motors Inc (NASDAQ:TSLA)’s CEO is a major shareholder and his chairman role at SolarCity Corp (NASDAQ:SCTY) seems to be giving shares a boost…
