Sunrun (NASDAQ: RUN) reported Q1 EPS of ($0.12), $0.01 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $334.8 million versus the consensus estimate of $324.7 million.

"This year is on track to be the best in the company’s history. With an accelerating growth rate and expanding market reach, Sunrun is leading the country to a clean energy future,” said Lynn Jurich, Sunrun’s Chief Executive Office and co-founder. “Now is the time for us to move to a distributed energy system to meet the increased demands placed on our energy system from broad-based adoption of electric vehicles and improve the resiliency of our aging energy system.”

“Our momentum in the fourth quarter has continued into 2021,” said Tom vonReichbauer, Sunrun’s Chief Financial Officer. “The Sunrun team delivered seasonal volume records at strong margins, while meeting the demands of our ongoing integration with Vivint Solar. We expect to accelerate our growth even further while improving the value we bring to our partners and customers. Our execution, scale advantages, differentiated service offering, and leading competitive position give us confidence to increase our full-year growth guidance to 25% to 30%.”

GUIDANCE:

Management now expects Solar Energy Capacity Installed growth to be in a range of 25% to 30% for the full-year 2021, pro-forma for Vivint Solar, an increase from management’s prior outlook of 20% to 25% growth. Total Value Generated is now expected to be above $750 million in 2021 for the full year, an increase from the prior expectation of over $700 million.

Management continues to expect cost synergies derived from the acquisition of Vivint Solar to be approximately $120 million in run-rate synergies by the end of 2021.

For earnings history and earnings-related data on Sunrun (RUN) click here.