SolarCity Q1 Loss Narrows

(RTTNews) - SolarCity Corp. (SCTY) reported a net loss for the first quarter of $24.1 million or $0.26 per share, compared to a net loss of $40.9 million or $0.54 per share for the year-ago quarter.

Adjusted loss before noncontrolling interests and redeemable noncontrolling interests for the latest quarter was $0.82 per share.

Revenue for the first quarter rose to $63.55 million from $29.99 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.74 per share on revenue of $53.39 million for the first quarter. Analysts' estimates typically exclude special items.

Based on current trends in demand and operations, the company increase its 2014 guidance to 500 MW -- 550 MW Deployed from prior guidance of between 475 MW and 525 MW Deployed.

For 2015, the company established guidance of 900 -- 1,000 MW Deployed, representing growth of 81% year-over-year at the midpoint.

For the second quarter, the company expects MW deployed of between 105 MW -- 110 MW, up 103% year-over-year at the midpoint of both 2014 and 2015 guidance.

For the second quarter, the company expects adjusted loss before noncontrolling interests and redeemable noncontrolling interests of $0.90 to $1.00 per share. Analysts currently expect the company to report a loss of $0.64 per share for the second quarter.