Sunrun (RUN) Tops Q3 EPS by 52c; offers guidance
Sunrun (NASDAQ: RUN) reported Q3 EPS of $0.40, $0.52 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $563.2 million versus the consensus estimate of $581.97 million.
GUIDANCE:
Sunrun is sharpening its focus on cash generation and continues to execute a customer-first, sustainable growth strategy that does not require equity funding. As a result, we are dramatically increasing installations of storage systems, which provides for increased margins and value creation opportunities over time, but also presents near-term impacts as we shift operations. Management believes these adjustments will deliver the strongest value creation for Sunrun, including delivering meaningful Cash Generation faster than a strategy that only prioritizes volume growth.
Given our strategy to be a storage-first company to extend our differentiation and increase customer value, in addition to launching battery retrofit offerings, we are introducing guidance for Storage Capacity Installed.
Storage Capacity Installed is expected to be in a range of 180 to 200 Megawatt hours in Q4. This range represents approximately 108% to 131% growth year over year. For the full-year 2023, this range represents 71% to 78% growth year over year.
Solar Energy Capacity Installed is expected to be in a range of 220 to 245 megawatts in Q4. This represents full-year 2023 growth of approximately 2% to 5% compared to our prior guidance range of 10% to 15% growth for the full-year 2023.
Net Subscriber Value is expected to be stable in Q4. Fixed cost absorption pressures offset many benefits from higher storage mix in Q4. An increasing mix of storage, meaningful hardware cost deflation tailwinds and forthcoming ITC adder value is expected to provide material uplift to our Net Subscriber Values in 2024.
For earnings history and earnings-related data on Sunrun (RUN) click here.