Why Sunrun Stock Is Charging Higher After Hours

Sunrun Inc RUN shares are shining bright in Wednesday's after-hours session after the company reported better-than-expected financial results. Shares of the solar company were up nearly 5% at last check.

Sunrun said second-quarter revenue jumped 46% year-over-year to $584.58 million, which beat average analyst estimates of $494.8 million, according to data from Benzinga Pro.

The solar company reported a quarterly net loss of $(12.4) million, or 6 cents per share, which beat average analyst estimates for a loss of 10 cents per share.

Sunrun said it added 34,403 customers in the second quarter, bringing total customers to 724,177, up 21% year-over-year.

See Also: Jim Chanos Slaps Down Sunrun's Response To Muddy Waters Report: Here's What The Famed Short Seller Said

"The proposed legislation currently being evaluated by Congress would turbocharge the transition we are facilitating for customers to a more secure, comfortable, and affordable way to power their lives," said Mary Powell, CEO of Sunrun.

Sunrun said it continues to expect Solar Energy Capacity Installed growth to be 25% or greater for full-year 2022. Total Value Generated is expected to be "substantially greater" than $900 million for the full year. Net Subscriber Value is expected to be above $10,000 in both the third and fourth quarter.

RUN Price Action: Sunrun has traded between $36 and $16.80 over a 52-week period.

The stock was up 4.59% in after-hours at $32.15 at press time. 

Photo: andreas160578 from Pixabay.