{"id":44557,"date":"2023-08-04T15:56:27","date_gmt":"2023-08-04T19:56:27","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sunrun-jumps-on-solid-q2-release\/"},"modified":"2023-08-04T15:56:29","modified_gmt":"2023-08-04T19:56:29","slug":"sunrun-jumps-on-solid-q2-release","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44557","title":{"rendered":"Sunrun jumps on ‘solid’ Q2 release"},"content":{"rendered":"
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\u00a9 Reuters. Sunrun (RUN) jumps on ‘solid’ Q2 release<\/span>
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Sunrun (NASDAQ:) shares are up over 8% premarket Thursday after topping second-quarter consensus earnings expectations.<\/p>\n

After Wednesday’s close, RUN earnings of $0.25, $0.49 better than the analyst estimate of a loss per share of $0.24. However, revenue for the quarter came in at $590.19 million, below the consensus estimate of $629.35M.<\/p>\n

The company revealed that the installed storage capacity of 103 megawatt hours in Q2 represents 35% growth year-over-year, while recent backup storage attachment rates for new sales nearly doubled to over 30% nationally, which drove the company’s higher net subscriber value outlook.<\/p>\n

It also stated that sales activities outside of California “have been robust in Q2,” rising 25% year-over-year, with the growth rate maintained through June and July. Net subscriber value of $12,321 rose $321 from Q1.<\/p>\n

“Sunrun is rapidly expanding its lead as America’s clean energy company,” said Mary Powell, Sunrun’s chief executive officer. “We are seeing a tremendous acceleration in storage attachment rates on new sales, in California and across the country, which provides increased customer value and superior margins for Sunrun, while building a foundation of controllable generation assets that enables a clean energy future for all.”<\/p>\n

Reacting to the report, Citi analysts said it was a “solid 2Q print.”<\/p>\n

“Results matched our estimates but were meaningfully higher than consensus,” they said. “We expect RUN to outperform based on strong results and positive outlook.”<\/p>\n

At BMO Capital Markets, analysts said the company stuck to the script.<\/p>\n

“RUN has been consistent in its approach to higher interest rates and post-NEM 3.0, choosing more modest growth in geographies where customer economics remain favorable and driving towards better storage attach rates in CA,” the analysts wrote.<\/p>\n

“Approach is helping to avoid negative surprises. RUN did point towards lower end of its 10-15% 2023 capacity growth guidance due to longer installation time from more battery customers and slower recovery post-NEM in CA. That said, company is delivering on NSV.”<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Sunrun (RUN) jumps on ‘solid’ Q2 release Sunrun (NASDAQ:) shares are up over 8% premarket Thursday after topping second-quarter consensus earnings expectations. After Wednesday’s close, RUN earnings of $0.25, $0.49 better than the analyst estimate of a loss per share of $0.24. However, revenue for the quarter came in at $590.19 million, below […]<\/p>\n","protected":false},"author":1,"featured_media":3065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-44557","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSunrun jumps on 'solid' Q2 release | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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