SolarCity (SCTY) Tops Q1 Views

SolarCity (NASDAQ: SCTY) reported Q1 EPS of ($0.26), $0.48 better than the analyst estimate of ($0.74). Revenue for the quarter came in at $63.5 million versus the consensus estimate of $53.39 million.

Q1 2014 Operating Highlights

We made substantial progress in the build out of our platform to deliver cleaner and cheaper distributed energy in the first quarter of 2014. Key operating and development highlights of the quarter include:

• MW Deployed of 82 MW as residential MWs Deployed grew 107% year-over-year to 67 MW. Total cumulative MWs Deployed reached 649 MW as of March 31, 2014.
• MW Booked totaled 136 MW, up 34% as compared to Q4 2013.
• Cumulative Energy Contracts increased to 100,609, up 97% since the end of the first quarter of 2013 (and 21% since the end of 2013).
• Cumulative Customers grew to 110,662, up 84% since the end of the first quarter of 2013 (and 19% since the end of 2013)

For Q2 2014, we also expect:

GAAP Operating Lease and Solar Energy Systems Incentive Revenue: $39 million - $43 million
GAAP Solar Energy Systems Sale Revenue: $17 million - $21 million
GAAP Operating Lease and Solar Energy Systems Incentive Gross Margin: 50%-55% (including the impact of $2 million in amortization of intangibles)
GAAP Operating Expenses: $100 million - $110 million (including $3 million in amortization of intangibles)
Non-GAAP EPS (before Income (Loss) Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests):($0.90) – ($1.00). The consensus is ($0.64)

For earnings history and earnings-related data on SolarCity (SCTY) click here.

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