SolarCity Q3 Misses On Revenue, Beats On Narrower Loss

SolarCity Corporation SCTY reported third quarter earnings Wednesday.

Revenue came in at $58.343 million, below estimates of $60.23 million and above the $48.6 million reported for the same period in 2013.

Third quarter non-GAAP loss before noncontrolling interests and redeemable noncontrolling interests per share was $0.75. Analysts had expected a loss per share of $1.11. The loss per share for the same period in 2013 was $0.43.

Third quarter GAAP loss attributable to noncontrolling interests per share was $0.96.

Third quarter GAAP Net Income attributable to stockholders was $0.19 versus a loss of $0.03 for the year-ago period.

Fourth quarter guidance for Non-GAAP Loss Per Share Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests is expected to range between $1.25 – $1.35.

CEO Lyndon Rive and CFO Brad Buss commented that, “With regard to Q4 2014 GAAP guidance, we expect Operating Lease and Solar Energy Systems Incentive Revenue of $47 million - $52 million as the seasonal decline in solar production from October through the start of winter in December should be offset in large part by a higher base of operating lease MW Deployed. Solar Energy System and Component Sale Revenue is expected to range between $20 million and $24 million.

SolarCity Corporation traded at $53.70 in the aftermarket, down 1.36 percent.