SolarCity shares plunge more than 20% after results
4:32 PM ET 2/9/16 | MarketWatch
SolarCity Corp. (SCTY) shares tanked 25% late Tuesday as the residential solar installer reported a narrower-than-expected per-share loss but fell short of its 2015 installation goals and predicted a slower-than-expected first quarter. SolarCity swung to an adjusted loss of $232 million in the fourth quarter, or $2.37 a share, compared with an adjusted per-share loss $1.47 in the year-ago period. Revenue reached $115 million in the quarter, up from $72 million a year ago. Analysts polled by FactSet had expected the company to report an adjusted loss of $2.58 a share on sales of $104.5 million in the quarter. The company ended the year installing 870 megawatts of solar power, whereas it had expected to install at least 878 MW for the year as it missed commercial installation goals. It called for 180 MW of solar power installed in the current quarter, a "higher-than-usual" seasonal slowdown due to its decision to close down Nevada operations and a renewed focus on longer lead-time commercial projects, the company said in a statement. SolarCity and other residential solar installers pulled out of Nevada as utility regulators there imposed new rules that made solar less attractive in the state. The stock ended the regular trading session down 5.7%.
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February 09, 2016 16:32 ET (21:32 GMT)
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