SolarCity -2% AH after posting Q4 numbers, Q1 guidance

SolarCity (SCTY) deployed 103MW of solar systems in Q4, +32% Q/Q and +115% Y/Y, and slightly above guidance of 101MW. Residential deployments +130% Y/Y to 70MW. Cumulative deployments now stand at 567MW.

Q4 revenue was $47.3M, +87% Y/Y and beating consensus by $4.2M.

101MW were booked in Q4, up from 91MW in Q3. Energy contracts totaled 10.8K vs. 12.3K in Q3 and a year ago, new customers totaled 10.7K vs. 12.4K in Q3 and 13.1K a year ago. Cost per watt fell 30% in 2013.

Cumulative energy contracts were at 83.3K (+105% Y/Y) at the end of Q4, and cumulative customers at 93K (+92%). Nominal contracted payments +15% Q/Q and +79% Y/Y to $1.99B, retained valued forecast +24% Q/Q to $1.05B.

SolarCity expects to deploy 78MW-82MW of systems in Q1, +74% Y/Y at the midpoint. 2014 deployment guidance (475MW-525MW) is reaffirmed.

Full (GAAP) Q4 results will be provided on March 3.

CC at 5PM ET.

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Comments (14)
  • evan.prospect
    , contributor
    Comments (704) | Send Message
    Anyone have any thoughts?
    24 Feb 2014, 05:11 PM Reply Like
  • Izzy1
    , contributor
    Comments (194) | Send Message
    I do not understand why the stock fell in aftermarket trading. I bought more shares at 74.90
    24 Feb 2014, 05:17 PM Reply Like
  • greenmagic
    , contributor
    Comment (1) | Send Message
    because SCTY change earning at Mar 3
    24 Feb 2014, 10:43 PM Reply Like
  • petenebraska
    , contributor
    Comments (85) | Send Message
    I don't have any info to report, but the only reason I can attribute to the price drop was that they didn't secure as many contracts as they did last quarter or last year? But, that doesn't surprise or concern me, considering which quarter we are talking about. People are too busy buying X-boxes for Johnny and Suzie. Great company, great investment!
    24 Feb 2014, 05:22 PM Reply Like
  • biome
    , contributor
    Comments (5) | Send Message
    Given such seemingly superlative earnings report and forecast, I am at a loss while the stock declined in price in AH
    24 Feb 2014, 05:25 PM Reply Like
  • Andy Zelenak
    , contributor
    Comments (404) | Send Message
    SA did not link my article to SCTY, but it helps explain the slower deployments forecast for Q1.


    I'm excited by the 30% price decrease.
    24 Feb 2014, 05:47 PM Reply Like
  • omarbradley
    , contributor
    Comments (966) | Send Message
    looks like slower growth to me as well.


    having said that this company has still been "contained" to California.
    As with Tesla if that company "breaks free" of the Bear State there is definitely room to run.


    Right now "regulators" are doing everything they can to contain this thing.
    At some point the will fail and Wall Street will win...but for now everything appears to be "turtling along." Certainly crazy to put a sell recommendation on given the overall market.
    24 Feb 2014, 08:39 PM Reply Like
  • King Rat
    , contributor
    Comments (1721) | Send Message
    Y/Y the stock is 4x the value it was, scraping new highs, and people are confused by a 2-5% drop after hours on earnings?


    First of all this is a reaction to the numbers. Various sales/volume #s are up 15-25% q/q while the stock is up 60%.


    Second of all, profit is not mentioned here, GAAP (next week) or non-GAAP.


    Third of all, this is not the CC. Details released in the CC mean more than the numbers. Stocks are about stories, not just the facts.


    If people here worry about a small drop after hours on earnings before a conference call, they are devoting too much of their portfolio to a single stock, and a stock whose price action they do not even understand at that.
    24 Feb 2014, 06:19 PM Reply Like
  • just for comment
    , contributor
    Comments (31) | Send Message
    high growth ahead and costs are lowered by 30%. rev beat. i think its a good result.
    losses will be narrowed for full year and that should be bullish for the stock.
    they are planning 90 to 100 million securtization in q2.
    24 Feb 2014, 06:25 PM Reply Like
  • peter896
    , contributor
    Comments (3) | Send Message
    Q4 EPS got delayed until march 3. Investors got spooked by that; AH stock went down.
    24 Feb 2014, 08:32 PM Reply Like
  • peter896
    , contributor
    Comments (3) | Send Message
    Q4 EPS got delayed; investors got spooked as shares went down AH.
    24 Feb 2014, 08:33 PM Reply Like
  • peter896
    , contributor
    Comments (3) | Send Message
    Could it be that AH drop contribute to lower outlook?
    24 Feb 2014, 08:48 PM Reply Like
  • GRInvestments
    , contributor
    Comments (2) | Send Message
    any weakness here is a buying opportunity. Best 2-3 year mega-return play out there in my opinion.
    24 Feb 2014, 08:54 PM Reply Like
  • jmf3210
    , contributor
    Comments (115) | Send Message
    up News Ahead...waiting for word on rumoured Tesla gigafactory....spike or falling knife.
    24 Feb 2014, 10:03 PM Reply Like
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