Why Sunrun Stock Is Moving In Wednesday's After-Hours Session

Sunrun Inc RUN shares are trading marginally higher by 1.53% to $24.45 during Wednesday's after-hours session. The company reported better-than-expected fourth-quarter financial results.

What Happened?

Sunrun reported quarterly earnings of 29 cents per share which beat the analyst consensus estimate of a loss of 5 cents. The company reported quarterly sales of $609.15 million, which beat the analyst consensus estimate of $593.15 million. This sales figure is a marked 40% increase over sales of $435.23 million in the same period last year.

Sunrun says in the fourth quarter of 2022, customer additions were 37,359, including 27,493 subscriber additions.

Additionally, as of December 31, 2022, Sunrun says the company had 797,296 customers, including 667,241 subscribers. Customers also grew 21% in the fourth quarter of 2022 compared to the fourth quarter of 2021.

Sunrun added that annual recurring revenue from subscribers was $1.04 billion as of December 31, 2022. Per the company, the average contract life remaining of Subscribers was 17.6 years as of December 31, 2022.

What Else?

"Sunrun is poised to gain market share and help lead the country towards a clean energy future. Our focus on becoming faster, better and stronger continues to deliver tremendous value to our customers and shareholders. Our team is operating at record-levels of efficiency in Q4 while also breaking records with robust early-funnel sales growth in January," said Mary Powell, Sunrun's Chief Executive Officer.

According to data from Benzinga Pro, RUN has a 52-week high of $39.13 and a 52-week low of $16.80.