Vivint Solar second-quarter results top estimates

Reuters News
Posted: Aug 08, 2017 5:13 PM

(Reuters) - Residential solar company Vivint Solar Inc on Tuesday reported quarterly results that topped expectations as costs for selling its rooftop systems fell.

Net income for the second quarter was $5 million, or 4 cents per share, compared with $12.4 million, or 11 cents per share, a year earlier.

Before one-time items, Vivint recorded a loss of 33 cents per share, narrower than the loss of 40 cents per share Wall Street analysts had been expecting.

Revenue was $73 million, higher than the $65.4 million analysts had forecast, according to Thomson Reuters I/B/E/S.

The company installed 47 megawatts of solar systems during the quarter, at the high end of its forecasted range of 44 MW to 48 MW. In the third quarter, it expects to install between 46 and 52 MW.

Growth in residential solar has slowed this year following years of rapid expansion. Vivint, however, is benefiting from a focus on preserving cash, one analyst said.

"The business is clearly growing more slowly, but to give these guys credit, the companies left standing at this point are the ones that are really able to manage their businesses with an eye toward maintaining liquidity and sustainability," JMP Securities analyst Joe Osha said in an interview.

Vivint's cost per watt fell to $2.88 during the quarter from $2.98 in the first quarter. The company forecast a cost per watt of $2.80 to $2.90 for the third quarter.

Vivint shares closed at $5 on the New York Stock Exchange. The stock has nearly doubled since hitting a year low of $2.55 in January.

(Reporting by Nichola Groom; Editing by James Dalgleish)