Sunrun Stock Is Rising After Hours, Company 'Focused On Crushing It'

Sunrun Inc RUN shares are trading higher in Wednesday's after-hours session after the solar company reported first-quarter results.

What Happened: Sunrun said first-quarter revenue increased 19% year-over-year to $589.8 million, which beat average analyst estimates of $518.39 million, according to Benzinga Pro. The company reported a quarterly net loss of $1.12 per share versus a loss of 42 cents in the prior year's quarter.

Sunrun said it has now installed over 58,000 solar and storage systems nationwide. The company added 32,413 customers in the first quarter, bringing total customers up to 829,709, up 20% on a year-over-year basis.

Solar Energy Capacity Installed was 239.8 Megawatts in the quarter. 

"The Sunrun team is focused on crushing it on the fundamentals, driving strong, profitable and sustainable growth. Demand for clean affordable energy from Sunrun continued to accelerate in the first quarter," said Mary Powell, CEO of Sunrun.

"The strength of Sunrun's energy subscription offering and leading market presence allowed us to gain significant market share, and these trends are set to accelerate in the quarters ahead."

Sunrun reaffirmed Solar Energy Capacity Installed growth of 10% to 15% for full-year 2023. Net Subscriber Value is expected to increase sequentially in the second quarter and to be "materially higher" in the second half of the year.

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

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RUN Price Action: Sunrun has a 52-week high of $39.10 and a 52-week low of $16.99.

The stock was up 2.24% after hours at $20.50, according to Benzinga Pro.

Photo: Leopictures from Pixabay.