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SolarCity Beats Expectations, Costs Of Solar Systems Rises

Shares of SolarCity Corp SCTY 0.95% are selling off slightly after hours following the company's Q2 earnings report. EPS for Q2 was a loss of $2.32 versus estimates for a loss of $2.44. Sales were $141.12 million versus estimates of $138.69 million. Cost per watt increased to $3.05 from a prior level of $2.91.

SolarCity forecasts Q3 EPS between $(2.55)-$(2.65) versus estimates of $(2.26).

Related Link: SunPower Plunges On Weak Forecast, Low Earnings Metrics And Plans To Cut Workforce

Speaking on Deployed Mega Watts, the company said, "Our Q2 2016 Value of MW Deployed was $3.62 per Watt, composed of (1) upfront Tax Equity Investment of $1.59 per Watt, (2) Upfront Cash Rebates and Prepayments of $0.06 per Watt, and (3) the NPV of Unlevered Project Cash Flow from customers and solar renewable energy credits (SRECs) after tax equity distributions of $1.97 per Watt ($1.61 per watt contracted and $0.36 per Watt from estimated renewal) at a 6% discount rate."

The cost of energy systems and components sales revenue increased from $16.778 million in Q2 2015 to $32.192 million today.

Shares of SolarCity closed Tuesday's regular session up $0.23 or 0.95 percent to $24.55.

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