SolarCity Slips To A Loss In Q3; Stock Plunges

(RTTNews) - SolarCity Corp. (SCTY) reported third quarter net loss attributable to stockholders of $19.07 million or $0.20 per share, versus earnings of $19.24 million or $0.19 per share in the year-ago quarter.

Excluding the $17.8 million MyPower warranty and the $12.3 million loss on hedges, Non-GAAP loss per share for the quarter was $2.10. GAAP revenue increased 95% year-over-year to $113.9 million. GAAP gross margin was 22%.

In response, the company's stock was down 20 percent to $30.59 in the after-hours trading.

Looking ahead, the company estimates installations of 280 to 300 MW in the fourth quarter, representing year-over-year growth of 58%-69%. The company currently expects full-year 2015 installations of 878-898 MW, below the low end of its prior annual guidance as it is cognizant of the inherent uncertainty in the record amount of commercial installations it planned in December, particularly in light of potential weather-related disruptions and the holiday season.

The company forecast fourth quarter non-GAAP loss per share to range between $2.60 and $2.75. In addition, the company expects to announce meaningful reductions to its 2017 cost targets. The company also stated that though it expects deployments to grow in 2016, it is not targeting the same growth rates of current scale going forward.